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The global outbreak of the novel coronavirus, or COVID-19, has caused severe disruptions in the U.S. and global economies and has adversely impacted, and may continue to adversely impact, our performance and results of operations.

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Our business could be adversely affected by difficult market, geopolitical and economic conditions.

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A decline in the pace or size of investment made by, or poor performance of, our funds may adversely affect our revenues, may obligate us to repay Performance Allocations previously paid to us and could adversely affect our ability to raise capital.

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Our revenue, earnings, net income and cash flow can all vary materially, which may make it difficult for us to achieve steady earnings growth on a quarterly basis.

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Our business could be adversely affected by the loss of services from our founder and other key senior managing directors or future difficulty in recruiting and retaining professionals.

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The asset management business depends in large part on our ability to raise capital from third party investors, is intensely competitive, and often involves complexities and relatively high-risk, illiquid assets.

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We may be unable to consummate or successfully integrate additional development opportunities or increase the number and type of investment products.

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Changes in relevant U.S. and foreign tax laws, regulations or treaties could adversely impact us and our ability to raise funds or increase our compliance or withholding tax costs.

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The U.K.’s withdrawal from the European Union may negatively impact the value of certain of our assets.

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Cybersecurity or other operational risks could result in the loss of data, interruptions in our business and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses.

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Extensive regulation of our businesses affects our activities, creates the potential for significant liabilities and penalties and could result in additional burdens on our business.

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We are subject to increasing scrutiny with respect to the environmental, social and governance impact of investments made by our funds.

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We are subject to substantial litigation risks and may face significant liabilities and damage to our professional reputation as a result of such allegations and negative publicity.

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Certain policies and procedures implemented to mitigate potential conflicts of interest and other risk management activities may reduce the synergies across our various businesses, and failure to deal appropriately with conflicts of interest in our investment business could damage our reputation and adversely affect our businesses.

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Valuation methodologies can be subject to significant subjectivity and the expected fair value of assets may never be realized.

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Dependence on significant leverage in investments by our funds could adversely affect our ability to achieve attractive rates of return on those investments.

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We may pursue large or otherwise complex investments, invest in companies that we do not control or that are based outside of the United States or make investments that rank junior to others.

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We may not have sufficient cash to pay back “clawback” obligations if and when they are triggered.

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Investors may have certain redemption, termination or dissolution rights or may not satisfy their contractual obligation to fund capital calls when requested by us.

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Our real estate funds are subject to the risks inherent in the ownership and operation of real estate and the construction and development of real estate.

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Certain of our investment funds may invest in securities of companies that are experiencing significant financial or business difficulties.

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Investments in certain assets and industries may expose us to increased environmental liabilities or increased operational, construction, regulatory and market risks.

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Our funds’ and our performance may be adversely affected by inaccurate financial projections of our funds’ portfolio companies, contingent liabilities, counterparty defaults or forced disposal of investments at a disadvantageous time.

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The significant voting power of holders of our Series I preferred stock and Series II preferred stock may limit the ability of holders of our common stock to influence our business.

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We are not required to comply with certain provisions of U.S. securities laws relating to proxy statements and, as a controlled company, certain requirements of the New York Stock Exchange.

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Our certificate of incorporation provides the Series II Preferred Stockholder with certain rights that may affect or conflict with the interests of the other stockholders and could materially alter our operations.

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We are required to pay our senior managing directors for most of the benefits relating to certain additional tax depreciation or amortization deductions we may claim.

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If The Blackstone Group Inc. were deemed an “investment company” under the 1940 Act, applicable restrictions could make it impractical for us to continue our business as contemplated.

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We may fail to realize the anticipated benefits of the Conversion and we expect to pay more corporate income taxes than we paid historically prior to the Conversion.

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Our common stock price may decline due to the large number of shares of common stock eligible for future sale and exchange.

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Our certificate of incorporation provides us with a right to acquire all of the then outstanding shares of common stock under specified circumstances.

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Our bylaws designate the Court of Chancery of the State of Delaware or U.S. federal district courts, as applicable, as the sole and exclusive forum for certain types of actions and proceedings.

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(a)

the fair value of the investments held by our carry funds and our side-by-side and co-investment entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods,

(b)

the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, and BREIT,

(c)

the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts,

(d)

the amount of debt and equity outstanding for our collateralized loan obligations (“CLO”) during the reinvestment period,

(e)

the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period,

(f)

the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies,

(g)

the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and

(h)

borrowings under and any amounts available to be borrowed under certain credit facilities of our funds.

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(a)

for our Private Equity segment funds and Real Estate segment carry funds including certain BREDS and Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund,

(b)

for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund,

(c)

the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees,

(d)

the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, and certain of our Hedge Fund Solutions drawdown funds,

(e)

the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts,

(f)

the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments,

(g)

the aggregate par amount of collateral assets, including principal cash, of our CLOs, and

(h)

the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies.

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Item 1.

Business

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The investment adviser of each of our non-EEA domiciled carry funds and the AIFM of each of our EEA domiciled carry funds generally receives an annual management fee based on a percentage of the fund’s capital commitments, invested capital and/or undeployed capital during the investment period and the

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fund’s invested capital or investment fair value after the investment period, except that the investment adviser or AIFM to certain of our credit-focused, BPP and BCEP funds receives a management fee based on a percentage of invested capital or net asset value. These management fees are payable on a regular basis (typically quarterly) in the contractually prescribed amounts over the life of the fund. Depending on the base on which management fees are calculated, negative performance of one or more investments in the fund may reduce the total management fee paid for the relevant period, but not the fee rate. Management fees received are not subject to clawback.

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The investment adviser of each of our funds that are structured like hedge funds, or of our funds of hedge funds, registered mutual funds and separately managed accounts that invest in hedge funds, generally receives a management fee based on a percentage of the fund’s or account’s net asset value. These management fees are payable on a regular basis (typically quarterly). These funds generally permit investors to withdraw or redeem their interests periodically, in some cases following the expiration of a specified period of time when capital may not be withdrawn. Decreases in the net asset value of investor’s capital accounts may reduce the total management fee paid for the relevant period, but not the fee rate. Management fees received are not subject to clawback. In addition, to the extent the mandate of our funds is to invest capital in third party managed funds, as is the case with our funds of hedge funds, our funds will be required to pay management fees to such third party managers, which typically are borne by investors in such investment vehicles.

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The investment adviser of each of our CLOs typically receives annual management fees based on a percentage of each fund’s assets, subject to certain performance measures related to the underlying assets the vehicle owns, and additional management fees, which are incentive-based (that is, subject to meeting certain return criteria). These management fees are payable on a regular basis (typically quarterly). The term of each CLO varies from deal to deal and may be subject to early redemption or extension; typically, however, a CLO will be wound down within eight to eleven years of being launched. The amount of fees will decrease as the fund deleverages toward the end of its term.

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The investment adviser of each of our separately managed accounts generally receives annual management fees based on a percentage of each account’s net asset value or invested capital. The management fees we receive from each of our separately managed accounts are generally paid on a regular basis (typically quarterly) such management fees are generally subject to contractual rights the investor has to terminate our management of an account on generally as short as 30 days’ notice.

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The investment adviser of each of our credit-focused registered and non-registered investment companies and our BDCs typically receive an annual management fee based on a percentage of net asset value or total managed assets. The management fees we receive from the registered investment companies we manage are generally paid on a regular basis (typically quarterly). Such management fees are generally subject to contractual rights of the company’s board of directors to terminate our management of an account on as short as 30 days’ notice.

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The investment adviser of BXMT receives an annual management fee, paid quarterly, based on a percentage of BXMT’s net proceeds received from equity offerings and accumulated “distributable earnings” (which is generally equal to its net income, calculated under GAAP, excluding certain non-cash and other items), subject to certain adjustments.

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The investment adviser of BREIT receives a management fee based on a percentage of the REIT’s net asset value, payable monthly.

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In our Hedge Fund Solutions segment, the investment adviser of our funds of hedge funds, certain hedge funds, separately managed accounts that invest in hedge funds and certain non-U.S. registered investment companies, is entitled to an incentive fee of 0% to 20%, as applicable, of the applicable investment vehicle’s net appreciation, subject to “high water mark” provisions and in some cases a preferred return. In addition, to the extent the mandate of our funds is to invest capital in third party managed hedge funds, as is the case with our funds of hedge funds, our funds will be required to pay incentive fees to such third party managers, which typically are borne by investors in such investment vehicles.

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The general partners or similar entities of each of our real estate and credit hedge fund structures receive incentive fees of generally up to 20% of the applicable fund’s net capital appreciation per annum.

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The investment adviser of our BDCs receives (a) income incentive fees of 12.5% or 15%, subject to annual hurdle amounts of 5% or 6% with a catch-up, payable quarterly, and (b) capital gains incentive fees (net of realized and unrealized losses) of 12.5% or 15%, payable annually.

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The investment manager of BXMT receives an incentive fee generally equal to 20% of BXMT’s distributable earnings in excess of a 7% per annum return on stockholder’s equity (excluding stock appreciation or depreciation), provided that BXMT’s distributable earnings over the prior three years is greater than zero.

•

The investment manager of BREIT receives an incentive fee of 12.5% of BREIT’s total return, subject to a 5% hurdle amount with a catch-up and recouping any loss carryforward amounts, payable annually.

•

The general partner of certain open-ended BPP funds is entitled to an incentive fee allocation of generally 10% of net profit, subject to a hurdle amount generally of 6% to 7%, a loss recovery amount and a catch-up. Incentive Fees for these funds are generally realized every three years from when a limited partner makes its initial investment.

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Item 1A.

Risk Factors

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Performance Revenues . Our ability to realize value from our investments was adversely impacted, and could continue to be adversely impacted, by decreased portfolio company revenues and earnings, lack of potential buyers with financial resources to pursue an acquisition, and limited access to the equity capital markets. During the year ended December 31, 2020, certain of our unrealized investment valuations, particularly in the sectors most directly impacted by the COVID-19 pandemic, declined significantly from their valuations at December 31, 2019. Valuation declines in 2020 resulted in a decline in our Net Accrued Performance Revenues as of December 31, 2020 as compared to December 31, 2019. Such declines, if sustained, would adversely impact our Realized Performance Revenues in future periods. During parts of 2020, limited opportunities for realizing gains also delayed or eliminated receipt of performance revenues as preferred return thresholds became harder to achieve. Although the continuing market recovery through the fourth quarter of 2020 has contributed to capital deployment and realizations, a potential market downturn, or a slower economic recovery, and associated declines in the value of investments as well as limited capital deployment and realization opportunities could reduce our performance revenues.

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Management Fees . As discussed above, while continuing market recovery since the onset of the COVID-19 pandemic has contributed to capital deployment, realization and fundraising activity, a potential market downturn may cause us to experience a decline in the pace of our investments. The pandemic slowed our anticipated fundraising pace for new or successor funds during the first quarter of 2020. Although our fundraising pace substantially recovered during the remainder of 2020, we may experience another such decline in the pace of our investments and of our recovery. If our funds are unable to deploy capital at a pace that is sufficient to offset the pace of our realizations, our fee revenues could decrease.

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Investment Performance . Many of our investments are in industries that have been materially impacted by COVID-19 and related public health restrictions and recommendations, including shutdowns or limitations in operations. For example, certain investments in our real estate portfolio, such as those in the hospitality, location-based entertainment and retail sectors and, in certain geographies, in the office and residential sectors as well as in our private equity portfolio, such as those in the travel, leisure and events sectors, have experienced material reductions in value and continue to be adversely impacted. Similarly, in the first quarter of 2020, our energy investments were materially adversely impacted by supply and demand shocks that created historic dislocation in the energy markets. We have also seen an increasing focus toward rent regulation as a means to address residential affordability caused by undersupply of housing in certain markets in the U.S. and Europe, as well as an increasing focus on the institution of eviction limitations in response to the COVID-19 pandemic in the U.S. Such conditions (which may be across industries, sectors or geographies) may contribute to adverse operating performance, including by moderating rent growth in certain geographies and markets in our residential portfolio. If the disruptions caused by COVID-19 continue, the businesses of impacted portfolio companies could suffer materially, which would decrease the value of our funds’ investments. Furthermore, such negative market conditions could potentially result in a portfolio company entering bankruptcy proceedings, thereby potentially resulting in a complete loss of the fund’s investment in such portfolio company and a significant negative impact to the investment fund’s performance and consequently to our operating results and cash flow, as well as to our reputation.

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Liquidity . Our portfolio companies faced, and may face in the future, increased credit and liquidity risk due to volatility in financial markets, reduced revenue streams, and limited access or higher cost of financing, which may result in potential impairment of our or our funds’ investments. Changes in the debt financing markets impacted, and may in the future impact, the ability of our portfolio companies to meet their respective financial obligations. For example, the initial outbreak of the pandemic created additional pressure for certain of our portfolio companies’ and investments’ liquidity needs, including by adversely impacting rent collection and operational performance in certain sectors and geographies. Although we have multiple sources of liquidity to meet our capital needs, changes in the debt financing markets may also in the future impact our ability to refinance our debt obligations. In addition, borrowers of loans, notes and other credit instruments in our credit funds’ portfolios may be unable to meet their principal or interest payment obligations or satisfy financial covenants, and tenants leasing real estate properties owned by our funds may not be able to pay rents in a timely manner or at all, resulting in a decrease in value of our funds’ credit and real estate investments and lower than expected return. In addition, for variable rate instruments, lower reference rates resulting from government stimulus programs in response to COVID-19 could lead to lower interest income for our credit funds. We experienced a period of significant dislocation during the first quarter of 2020, when the liquidity of certain assets traded in the credit markets was limited. Another period of such dislocation due to the economic uncertainty could impact the value of certain assets held by our real estate debt, credit and Hedge Fund Solutions funds, such funds’ ability to sell assets at attractive prices or in a timely manner in order to avoid losses and the likelihood of margin calls from credit providers. In addition, a sudden contraction of liquidity in the credit markets, including as a result of overwhelming desire for liquidity on the part of market participants, is likely to exacerbate the likelihood of forced sales of assets and margins calls, which would result in further declines in the value of assets. For example, in our Hedge Funds Solutions segment, such a contraction could cause investors to seek liquidity in the form of redemptions from our funds, adversely impacting management fees.

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Operational Risks . In accordance with local government guidance and social distancing recommendations, the majority of our employees globally have been working remotely during the COVID-19 pandemic. While our technology infrastructure has supported remote work, such working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic. In addition, third party service providers on whom we have become increasingly reliant for certain aspects of our business, including for certain information systems, technology (including cloud-based services) and the administration of certain funds, could be impacted by an inability to perform due to COVID-19 restrictions or by failures of, or attacks on, their information systems and technology.

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Employee-Related Risks . COVID-19 continues to present a significant threat to our employees’ and their families’ well-being. Our employees or executive officers may become sick or otherwise unable to perform their duties for an extended period of time, and extended public health restrictions and remote working arrangements may impact employee morale. In addition to any potential impact of such extended illness on our operations, we may be exposed to the risk of litigation by our employees against us for, among other things, failure to take adequate steps to protect their well-being, particularly in the event they become sick after a return to the office. A prolonged period of remote work may also make it more difficult to integrate new employees and maintain our culture.

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economic slowdown in the U.S. and internationally,

•

changes in interest rates and/or a lack of availability of credit in the U.S. and internationally,

•

commodity price volatility, and

•

changes in law and/or regulation, and uncertainty regarding government and regulatory policy, including in connection with the new administration.

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a number of our competitors in some of our businesses have greater financial, technical, marketing and other resources and more personnel than we do,

•

some of our funds may not perform as well as competitors’ funds or other available investment products,

•

several of our competitors have significant amounts of capital, and many of them have similar investment objectives to ours, which may create additional competition for investment opportunities and may reduce the size and duration of pricing inefficiencies that many alternative investment strategies seek to exploit,

•

some of our competitors, particularly strategic competitors, may have a lower cost of capital, which may be exacerbated to the extent potential changes to the Internal Revenue Code limit the deductibility of interest expense,

•

some of our competitors may have access to funding sources that are not available to us, which may create competitive disadvantages for us with respect to investment opportunities,

•

some of our competitors may be subject to less regulation and accordingly may have more flexibility to undertake and execute certain businesses or investments than we can and/or bear less compliance expense than we do,

•

some of our competitors may have more flexibility than us in raising certain types of investment funds under the investment management contracts they have negotiated with their investors,

•

some of our competitors may have higher risk tolerances, different risk assessments or lower return thresholds, which could allow them to consider a wider variety of investments and to bid more aggressively than us for investments that we want to make,

•

some of our competitors may be more successful than us in the development and implementation of new technology to address investor demand for product and strategy innovation, particularly in the hedge fund industry,

•

there are relatively few barriers to entry impeding new alternative asset fund management firms, and the successful efforts of new entrants into our various businesses, including former “star” portfolio managers at large diversified financial institutions as well as such institutions themselves, is expected to continue to result in increased competition,

•

some of our competitors may have better expertise or be regarded by investors as having better expertise in a specific asset class or geographic region than we do,

•

our competitors that are corporate buyers may be able to achieve synergistic cost savings in respect of an investment, which may provide them with a competitive advantage in bidding for an investment,

•

some investors may prefer to invest with an investment manager that is not publicly traded or is smaller with only one or two investment products that it manages, and

•

other industry participants will from time to time seek to recruit our investment professionals and other employees away from us.

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we may create new funds in the future that reflect a different asset mix and different investment strategies (including funds whose management fees represent a more significant proportion of the fees than has historically been the case), as well as a varied geographic and industry exposure as compared to our present funds, and any such new funds could have different returns from our existing or previous funds,

•

despite periods of volatility, market conditions have been largely favorable in recent years, which has helped to generate positive performance, particularly in our private equity and real estate businesses, but there can be no assurance that such conditions will repeat or that our current or future investment funds will avail themselves of comparable market conditions,

•

the rates of returns of our carry funds reflect unrealized gains as of the applicable measurement date that may never be realized, which may adversely affect the ultimate value realized from those funds’ investments,

•

competition for investment opportunities resulting from, among other things, the increased amount of capital invested in alternative investment funds continues to increase,

•

our investment funds’ returns in some years benefited from investment opportunities and general market conditions that may not repeat themselves, our current or future investment funds might not be able to avail themselves of comparable investment opportunities or market conditions, and the circumstances under which our current or future funds may make future investments may differ significantly from those conditions prevailing in the past,

•

newly established funds may generate lower returns during the period in which they initially deploy their capital, and

•

the rates of return reflect our historical cost structure, which may vary in the future due to various factors enumerated elsewhere in this report and other factors beyond our control, including changes in laws.

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give rise to an obligation to make mandatory pre-payments of debt using excess cash flow, which might limit the entity’s ability to respond to changing industry conditions to the extent additional cash is needed for the response, to make unplanned but necessary capital expenditures or to take advantage of growth opportunities,

•

limit the entity’s ability to adjust to changing market conditions, thereby placing it at a competitive disadvantage compared to its competitors who have relatively less debt,

•

allow even moderate reductions in operating cash flow to render it unable to service its indebtedness, leading to a bankruptcy or other reorganization of the entity and a loss of part or all of the equity investment in it,

•

limit the entity’s ability to engage in strategic acquisitions that might be necessary to generate attractive returns or further growth, and

•

limit the entity’s ability to obtain additional financing or increase the cost of obtaining such financing, including for capital expenditures, working capital or general corporate purposes.

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currency exchange matters, including fluctuations in currency exchange rates and costs associated with conversion of investment principal and income from one currency into another,

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less developed or efficient financial markets than in the United States, which may lead to potential price volatility and relative illiquidity,

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the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less government supervision and regulation,

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changes in laws or clarifications to existing laws that could impact our tax treaty positions, which could adversely impact the returns on our investments,

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a less developed legal or regulatory environment, differences in the legal and regulatory environment or enhanced legal and regulatory compliance,

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heightened exposure to corruption risk in non-U.S. markets,

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political hostility to investments by foreign or private equity investors,

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reliance on a more limited number of commodity inputs, service providers and/or distribution mechanisms,

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higher rates of inflation,

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higher transaction costs,

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difficulty in enforcing contractual obligations,

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fewer investor protections and less publicly available information in respect of companies in non-U.S. markets,

•

certain economic and political risks, including potential exchange control regulations and restrictions on our non-U.S. investments and repatriation of profits on investments or of capital invested, the risks of political, economic or social instability, the possibility of expropriation or confiscatory taxation and adverse economic and political developments, and

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the possible imposition of non-U.S. taxes or withholding on income and gains recognized with respect to such securities.

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the use of new technologies, including hydraulic fracturing,

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reliance on estimates of oil and gas reserves in the evaluation of available geological, geophysical, engineering and economic data for each reservoir, and

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encountering unexpected formations or pressures, premature declines of reservoirs, blow-outs, equipment failures and other accidents in completing wells and otherwise, cratering, sour gas releases, uncontrollable flows of oil, natural gas or well fluids, adverse weather conditions, pollution, fires, spills and other environmental risks.

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Ownership of infrastructure assets may present risk of liability for personal and property injury or impose significant operating challenges and costs with respect to, for example, compliance with zoning, environmental or other applicable laws.

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Infrastructure asset investments may face construction risks including, without limitation: (a) labor disputes, shortages of material and skilled labor, or work stoppages, (b) slower than projected construction progress and the unavailability or late delivery of necessary equipment, (c) less than optimal coordination with public utilities in the relocation of their facilities, (d) adverse weather conditions and unexpected construction conditions, (e) accidents or the breakdown or failure of construction equipment or processes, and (f) catastrophic events such as explosions, fires, terrorist activities and other similar events. These risks could result in substantial unanticipated delays or expenses (which may exceed expected or forecasted budgets) and, under certain circumstances, could prevent completion of construction activities once undertaken. Certain infrastructure asset investments may remain in construction phases for a prolonged period and, accordingly, may not be cash generative for a prolonged period. Recourse against the contractor may be subject to liability caps or may be subject to default or insolvency on the part of the contractor.

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The operation of infrastructure assets is exposed to potential unplanned interruptions caused by significant catastrophic or force majeure events. These risks could, among other effects, adversely impact the cash flows available from investments in infrastructure assets, cause personal injury or loss of life, damage property, or instigate disruptions of service. In addition, the cost of repairing or replacing damaged assets could be considerable. Repeated or prolonged service interruptions may result in permanent loss of customers, litigation, or penalties for regulatory or contractual non-compliance. Force majeure events that are incapable of, or too costly to, cure may also have a permanent adverse effect on an investment.

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The management of the business or operations of an infrastructure asset may be contracted to a third party management company unaffiliated with us. Although it would be possible to replace any such operator, the failure of such an operator to adequately perform its duties or to act in ways that are in our best interest, or the breach by an operator of applicable agreements or laws, rules and regulations, could have an adverse effect on the investment’s financial condition or results of operations. Infrastructure investments may involve the subcontracting of design and construction activities in respect of projects, and as a result our investments are subject to the risks that contractual provisions passing liabilities to a subcontractor could be ineffective, the subcontractor fails to perform services which it has agreed to perform and the subcontractor becomes insolvent.

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BXLS’s strategies include, among others, investments that are referred to as “pharmaceutical corporate partnership” transactions. Pharmaceutical corporate partnership transactions are risk-sharing collaborations with large biopharmaceutical and medical device partners on drug and medical device development programs and investments in royalty streams of pre-commercial biopharmaceutical products. BXLS’s ability to source pharmaceutical corporate partnership transactions has been, and will continue to be, in part dependent on the ability of special purpose development companies to identify, diligence, negotiate and in many cases, take the lead in executing the agreed development plans with respect to, a pharmaceutical corporate partnership transaction. Moreover, as such special purpose development companies are jointly owned by us or our affiliates and unaffiliated life sciences investors, we (and our funds) are not the sole beneficiaries of such sourcing strategies and capabilities of such special purpose development companies.

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Life sciences and healthcare companies are subject to extensive regulation by the U.S. Food and Drug Administration, similar foreign regulatory authorities and, to a lesser extent, other federal and state agencies. These companies are subject to the expense, delay and uncertainty of the product approval process, and there can be no guarantee that a particular product candidate will obtain regulatory approval. In addition, the current regulatory framework may change or additional regulations may arise at any stage during the product development phase of an investment, which may delay or prevent regulatory approval or impact applicable exclusivity periods. If a company in which our funds are invested is unable to obtain regulatory approval for a product candidate, or a product candidate in which our funds are invested does not obtain regulatory approval, in a timely fashion or at all, the value of our investment would be adversely impacted. In addition, in connection with certain pharmaceutical corporate partnership transactions, our special purpose development companies will be contractually obligated to run clinical trials. Further, a clinical trial (including enrollment therein) or regulatory approval process for pharmaceuticals has and may in the future be delayed, otherwise hindered or abandoned as a result of epidemics (including COVID-19), which could have a negative impact on the ability of the investment to engage in trials or receive approvals, and thereby could adversely affect the performance of the investment. In the event such clinical trials do not comply with the complicated regulatory requirements applicable thereto, such special purpose development companies may be subject to regulatory actions. In addition, if legislation is passed in the U.S. that reduces applicable exclusivity periods for drug or medical device products, this reform could result in price reductions at an earlier stage of a product’s life cycle than originally estimated by BXLS, which could reduce the cumulative financial returns on BXLS’s investment in any such product.

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Intellectual property often constitutes an important part of a life sciences company’s assets and competitive strengths, particularly for royalty monetization transactions. To the extent such companies’ intellectual property positions with respect to products in which BXLS invests, whether through a royalty monetization or otherwise, are challenged, invalidated or circumvented, the value of BXLS’s investment may be impaired. The success of a life sciences investment depends in part on the ability of the biopharmaceutical or medical device companies in whose products BXLS invests to obtain and defend patent rights and other intellectual property rights that are important to the commercialization of such products. The patent positions of such companies can be highly uncertain and often involve complex legal, scientific and factual questions.

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The commercial success of products could be compromised if governmental or third party payers do not provide coverage and reimbursement, breach, rescind or modify their contracts or reimbursement policies or delay payments for such products. In both the U.S. and foreign markets, the successful sale of a life sciences company’s product depends on the ability to obtain and maintain adequate coverage and reimbursement from third party payers, including government healthcare programs and private insurance

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plans. Governments and third party payers continue to pursue aggressive initiatives to contain costs and manage drug utilization and are increasingly focused on the effectiveness, benefits and costs of similar treatments, which could result in lower reimbursement rates and narrower populations for whom the products in which BXLS invests will be reimbursed by payers. The new administration may seek to modify coverage and reimbursement policies for life sciences companies’ products; however, it remains unclear how and when, if at all, the administration will take such actions. To the extent an investment made by BXLS relies in whole or in part on royalties or other payments based on product sales, adequate third party payer reimbursement may not be available to enable price levels for the product sufficient for BXLS to realize an appropriate return on the investment.

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Certain of the funds in which we invest are newly established funds without any operating history or are managed by management companies or general partners who may not have as significant track records as an independent manager.

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Generally, the execution of these hedge funds’ investment strategies is subject to the sole discretion of the management company or the general partner of such funds.

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Hedge funds may engage in speculative trading strategies, including short selling, which is subject to the theoretically unlimited risk of loss because there is no limit on how much the price of a security may appreciate before the short position is closed out. A fund may be subject to losses if a security lender demands return of the lent securities and an alternative lending source cannot be found or if the fund is otherwise unable to borrow securities that are necessary to hedge or cover its positions.

•

Hedge funds are exposed to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem or otherwise, thus causing the fund to suffer a loss. Counterparty risk is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the fund has concentrated its transactions with a single or small group of counterparties. Generally, hedge funds are not restricted from dealing with any particular counterparty or from concentrating any or all of their transactions with one counterparty. Moreover, the funds’ internal consideration of the creditworthiness of their counterparties may prove insufficient. The absence of a regulated market to facilitate settlement may increase the potential for losses.

•

Credit risk may arise through a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by the other institutions. This “systemic risk” may adversely affect the financial intermediaries (such as clearing agencies, clearing houses, banks, securities firms and exchanges) with which the hedge funds interact on a daily basis.

•

The efficacy of investment and trading strategies depend largely on the ability to establish and maintain an overall market position in a combination of financial instruments. A hedge fund’s trading orders may not be executed in a timely and efficient manner due to various circumstances, including systems failures or human error. In such event, the funds might only be able to acquire some but not all of the components of the position, or if the overall position were to need adjustment, the funds might not be able to make such adjustment. As a result, the funds would not be able to achieve the market position selected by the management company or general partner of such funds, and might incur a loss in liquidating their position.

•

Hedge funds are subject to risks due to potential illiquidity of assets. Hedge funds may make investments or hold trading positions in markets that are volatile and which may become illiquid. Timely divestiture or sale of trading positions can be impaired by decreased trading volume, increased price volatility, concentrated trading positions, limitations on the ability to transfer positions in highly specialized or structured transactions to which they may be a party, and changes in industry and government regulations. It may be impossible or costly for hedge funds to liquidate positions rapidly in order to meet margin calls, withdrawal requests or otherwise, particularly if there are other market participants seeking to dispose of similar assets at the same time or the relevant market is otherwise moving against a position or in the event of trading halts or daily price movement limits on the market or otherwise. Any “gate” or similar limitation on withdrawals with respect to hedge funds may not be effective in mitigating such risk. Moreover, these risks may be exacerbated for our funds of hedge funds. For example, if one of our funds of hedge funds were to invest a significant portion of its assets in two or more hedge funds that each had illiquid positions in the same issuer, the illiquidity risk for our funds of hedge funds would be compounded. For example, in 2008 many hedge funds, including some of our hedge funds, experienced significant declines in value. In many cases, these declines in value were both provoked and exacerbated by margin calls and forced selling of assets. Moreover, certain of our funds of hedge funds were invested in third party hedge funds that halted redemptions in the face of illiquidity and other issues, which precluded those funds of hedge funds from receiving their capital back on request.

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•

Hedge fund investments are subject to risks relating to investments in commodities, futures, options and other derivatives, the prices of which are highly volatile and may be subject to the theoretically unlimited risk of loss in certain circumstances, including if the fund writes a call option. Price movements of commodities, futures and options contracts and payments pursuant to swap agreements are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments and national and international political and economic events and policies. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them and prevailing exchange rates. In addition, hedge funds’ assets are subject to the risk of the failure of any of the exchanges on which their positions trade or of their clearinghouses or counterparties. Most U.S. commodities exchanges limit fluctuations in certain commodity interest prices during a single day by imposing “daily price fluctuation limits” or “daily limits,” the existence of which may reduce liquidity or effectively curtail trading in particular markets.

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•

A conversion of the legal entity form of Blackstone,

•

A transfer, domestication or continuance of Blackstone to a foreign jurisdiction,

•

Any amendment of our certificate of incorporation to change the par value of our common stock or the powers, preferences or special rights of our common stock in a way that would affect our common stock adversely,

•

Any amendment of our certificate of incorporation that requires for action the vote of a greater number or portion of the holders of common stock than is required by any section of Delaware law, and

•

Any amendment of our certificate of incorporation to elect to become a close corporation under Delaware law.

•

A sale, exchange or disposition of all or substantially all of our assets,

•

A merger, consolidation or other business combination,

•

Any amendment of our certificate of incorporation or bylaws enlarging the obligations of the common stockholders,

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•

Any amendment of our certificate of incorporation requiring the vote of the holders of a percentage of the voting power of the outstanding common stock and Series I preferred stock, voting together as a single class, to take any action in a manner that would have the effect of reducing such voting percentage, and

•

Any amendments of our certificate of incorporation that are not included in the specified set of amendments that the Series II Preferred Stockholder has the sole right to vote on.

---

---

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---

---

•

permitting our board of directors to issue one or more series of preferred stock,

---

•

providing for the loss of voting rights for the common stock,

•

requiring advance notice for stockholder proposals and nominations if they are ever permitted by applicable law,

•

placing limitations on convening stockholder meetings,

•

prohibiting stockholder action by written consent unless such action is consent to by the Series II Preferred Stockholder, and

•

imposing super-majority voting requirements for certain amendments to our certificate of incorporation.

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Item 1B.

Unresolved Staff Comments

Item 2.

Properties

Item 3.

Legal Proceedings

Item 4.

Mine Safety Disclosures

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Item 5.

Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

		2020				2019
First Quarter		$	0.39			$	0.37
Second Quarter			0.37				0.48
Third Quarter			0.54				0.49
Fourth Quarter			0.96				0.61
		$	2.26			$	1.95

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Item 6.

(Removed and Reserved)

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

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•

Real Estate. Our real estate business is a global leader in real estate investing. Our Real Estate segment operates as one globally integrated business, with investments in the Americas, Europe and Asia. Our real estate investment teams seek to utilize our global expertise and presence to generate attractive risk-adjusted returns for our investors and to make a positive impact on the communities in which we invest.

•

Private Equity. Our Private Equity segment includes our corporate private equity business, which consists of (a) our flagship private equity funds (Blackstone Capital Partners (“BCP”) funds), (b) our sector-focused private equity funds, including our energy-focused funds (Blackstone Energy Partners (“BEP”) funds), (c) our Asia-focused fund (Blackstone Capital Partners Asia (“BCP Asia”) fund) and (d) our core private equity funds, Blackstone Core Equity Partners (“BCEP”). In addition, our Private Equity segment includes (a) our opportunistic investment platform that invests globally across asset classes, industries and geographies, Blackstone Tactical Opportunities (“Tactical Opportunities”), (b) our secondary fund of funds business, Strategic Partners Fund Solutions (“Strategic Partners”), (c) our infrastructure-focused funds, Blackstone Infrastructure Partners (“BIP”), (d) our life sciences private investment platform, Blackstone Life Sciences (“BXLS”), (e) our growth equity investment platform, Blackstone Growth (“BXG”), (f) our multi-asset investment program for eligible high net worth investors offering exposure to certain of Blackstone’s key illiquid investment strategies through a single commitment, Blackstone Total Alternatives Solution (“BTAS”) and (g) our capital markets services business, Blackstone Capital Markets (“BXCM”).

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•

Hedge Fund Solutions. The principal component of our Hedge Fund Solutions segment is Blackstone Alternative Asset Management (“BAAM”). BAAM is the world’s largest discretionary allocator to hedge funds, managing a broad range of commingled and customized fund solutions since its inception in 1990. The Hedge Fund Solutions segment also includes investment platforms that seed new hedge fund businesses, purchase minority interests in more established general partners and management companies of funds, invest in special situation opportunities, create alternative solutions in the form of daily liquidity products and invest directly.

•

Credit & Insurance. The principal component of our Credit & Insurance segment is Blackstone Credit (“BXC”), formerly known as GSO Capital Partners LP. BXC is one of the largest credit-oriented managers in the world and is the largest manager of collateralized loan obligations (“CLOs”) globally. The investment portfolios of the funds BXC manages or sub-advises predominantly consist of loans and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity.

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---

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(a)

the fair value of the investments held by our carry funds and our side-by-side and co-investment entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods,

(b)

the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, and BREIT,

(c)

the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts,

(d)

the amount of debt and equity outstanding for our CLOs during the reinvestment period,

---

(e)

the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period,

(f)

the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies,

(g)

the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and

(h)

borrowings under and any amounts available to be borrowed under certain credit facilities of our funds.

(a)

for our Private Equity segment funds and Real Estate segment carry funds, including certain BREDS and Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund,

(b)

for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund,

(c)

the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees,

(d)

the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, and certain of our Hedge Fund Solutions drawdown funds,

(e)

the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts,

(f)

the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments,

(g)

the aggregate par amount of collateral assets, including principal cash, of our CLOs, and

(h)

the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies.

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---

		Year Ended December 31,												2020 vs. 2019								2019 vs. 2018
		2020				2019				2018				$				%				$				%
		(Dollars in Thousands)
Revenues
Management and Advisory Fees, Net		$	4,092,549			$	3,472,155			$	3,027,796			$	620,394				18%			$	444,359				15%
Incentive Fees			138,661				129,911				57,540				8,750				7%				72,371				126%
Investment Income (Loss)
Performance Allocations
Realized			2,106,000				1,739,000				1,876,507				367,000				21%				(137,507	)			-7%
Unrealized			(384,393	)			1,126,332				561,373				(1,510,725	)			N/M				564,959				101%
Principal Investments
Realized			391,628				393,478				415,862				(1,850	)			—				(22,384	)			-5%
Unrealized			(114,607	)			215,003				49,917				(329,610	)			N/M				165,086				331%
Total Investment Income			1,998,628				3,473,813				2,903,659				(1,475,185	)			-42%				570,154				20%
Interest and Dividend Revenue			125,231				182,398				171,947				(57,167	)			-31%				10,451				6%
Other			(253,142	)			79,993				672,317				(333,135	)			N/M				(592,324	)			-88%
Total Revenues			6,101,927				7,338,270				6,833,259				(1,236,343	)			-17%				505,011				7%
Expenses
Compensation and Benefits
Compensation			1,855,619				1,820,330				1,609,957				35,289				2%				210,373				13%
Incentive Fee Compensation			44,425				44,300				33,916				125				—				10,384				31%
Performance Allocations Compensation
Realized			843,230				662,942				711,076				180,288				27%				(48,134	)			-7%
Unrealized			(154,516	)			540,285				319,742				(694,801	)			N/M				220,543				69%
Total Compensation and Benefits			2,588,758				3,067,857				2,674,691				(479,099	)			-16%				393,166				15%
General, Administrative and Other			711,782				679,408				594,873				32,374				5%				84,535				14%
Interest Expense			166,162				199,648				163,990				(33,486	)			-17%				35,658				22%
Fund Expenses			12,864				17,738				78,486				(4,874	)			-27%				(60,748	)			-77%
Total Expenses			3,479,566				3,964,651				3,512,040				(485,085	)			-12%				452,611				13%
Other Income (Loss)
Change in Tax Receivable Agreement Liability			(35,383	)			161,567				—				(196,950	)			N/M				161,567				N/M
Net Gains from Fund Investment Activities			30,542				282,829				191,722				(252,287	)			-89%				91,107				48%
Total Other Income (Loss)			(4,841	)			444,396				191,722				(449,237	)			N/M				252,674				132%
Income Before Provision (Benefit) for Taxes			2,617,520				3,818,015				3,512,941				(1,200,495	)			-31%				305,074				9%
Provision (Benefit) for Taxes			356,014				(47,952	)			249,390				403,966				N/M				(297,342	)			N/M
Net Income			2,261,506				3,865,967				3,263,551				(1,604,461	)			-42%				602,416				18%
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			(13,898	)			(121	)			(2,104	)			(13,777	)			N/M				1,983				-94%
Net Income Attributable to Non-Controlling Interests in Consolidated Entities			217,117				476,779				358,878				(259,662	)			-54%				117,901				33%
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			1,012,924				1,339,627				1,364,989				(326,703	)			-24%				(25,362	)			-2%
Net Income Attributable to The Blackstone Group Inc.		$	1,045,363			$	2,049,682			$	1,541,788			$	(1,004,319	)			-49%			$	507,894				33%

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		Year Ended December 31,
		2020				2019				2018
		(Dollars in Thousands)
Income Before Provision (Benefit) for Taxes		$	2,617,520			$	3,818,015			$	3,512,941
Provision (Benefit) for Taxes		$	356,014			$	(47,952	)		$	249,390
Effective Income Tax Rate			13.6	%			-1.3	%			7.1	%

		Year Ended December 31,												2020 vs.				2019 vs.
		2020				2019				2018				2019				2018
Statutory U.S. Federal Income Tax Rate			21.0	%			21.0	%			21.0	%			—				—
Income Passed Through to Common Shareholders and Non-Controlling Interest Holders (a)			-8.6	%			-13.5	%			-15.5	%			4.9	%			2.0	%
State and Local Income Taxes			2.4	%			1.6	%			1.8	%			0.8	%			-0.2	%
Foreign Income Taxes			-1.2	%			-0.6	%			-0.3	%			-0.6	%			-0.3	%
Change to a Taxable Corporation			1.4	%			-10.3	%			—				11.7	%			-10.3	%
Change in Valuation Allowance (b)			-2.8	%			-0.8	%			—				-2.0	%			-0.8	%
Other			1.4	%			1.3	%			0.1	%			0.1	%			1.2	%
Effective Income Tax Rate			13.6	%			-1.3	%			7.1	%			14.9	%			-8.4	%

(a)	Includes income that was not taxable to Blackstone and its subsidiaries. Such income was directly taxable to shareholders of Blackstone’s common stock for the period prior to the Conversion and remains taxable to Blackstone’s non-controlling interest holders.

(b)	The Change in Valuation Allowance for the year ended December 31, 2019 represents the change from July 1, 2019 to December 31, 2019, following the change to a taxable corporation.

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		Year Ended December 31,
		2020																				2019
		Real Estate				Private Equity				Hedge Fund Solutions				Credit & Insurance				Total				Real Estate				Private Equity				Hedge Fund Solutions				Credit & Insurance				Total
		(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period		$	128,214,137			$	97,773,964			$	75,636,004			$	106,450,747			$	408,074,852			$	93,252,724			$	80,008,166			$	72,280,606			$	96,986,011			$	342,527,507
Inflows (a)			28,071,474				45,359,946				9,712,930				26,035,009				109,179,359				52,424,662				27,260,480				11,488,234				21,069,189				112,242,565
Outflows (b)			(3,517,881	)			(5,956,364	)			(12,538,753	)			(9,417,126	)			(31,430,124	)			(9,690,143	)			(2,352,716	)			(11,928,940	)			(9,067,554	)			(33,039,353	)
Net Inflows (Outflows)			24,553,593				39,403,582				(2,825,823	)			16,617,883				77,749,235				42,734,519				24,907,764				(440,706	)			12,001,635				79,203,212
Realizations (c)			(9,007,492	)			(7,290,931	)			(1,346,147	)			(5,506,288	)			(23,150,858	)			(11,353,675	)			(7,212,993	)			(1,153,785	)			(5,629,089	)			(25,349,542	)
Market Activity (d)(g)			5,361,223				(346,985	)			2,662,576				(916,929	)			6,759,885				3,580,569				71,027				4,949,889				3,092,190				11,693,675
Balance, End of Period (e)		$	149,121,461			$	129,539,630			$	74,126,610			$	116,645,413			$	469,433,114			$	128,214,137			$	97,773,964			$	75,636,004			$	106,450,747			$	408,074,852
Increase (Decrease)		$	20,907,324			$	31,765,666			$	(1,509,394	)		$	10,194,666			$	61,358,262			$	34,961,413			$	17,765,798			$	3,355,398			$	9,464,736			$	65,547,345
Increase (Decrease)			16	%			32	%			-2	%			10	%			15	%			37	%			22	%			5	%			10	%			19	%
Annualized Base Management Fee Rate (f)			1.14	%			1.00	%			0.81	%			0.57	%			0.91	%			1.02	%			1.08	%			0.75	%			0.57	%			0.86	%

		Year Ended December 31,
		2018
						Private				Hedge Fund				Credit &
		Real Estate				Equity				Solutions				Insurance				Total
		(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period		$	83,984,824			$	70,140,883			$	69,914,061			$	111,304,230			$	335,343,998
Inflows (a)			17,961,223				16,096,543				12,354,410				24,587,957				71,000,133
Outflows (b)			(2,000,367	)			(1,888,223	)			(10,278,403	)			(27,640,908	)			(41,807,901	)
Net Inflows (Outflows)			15,960,856				14,208,320				2,076,007				(3,052,951	)			29,192,232
Realizations (c)			(8,781,140	)			(4,729,843	)			(429,912	)			(6,672,539	)			(20,613,434	)
Market Activity (d)(g)			2,088,184				388,806				720,450				(4,592,729	)			(1,395,289	)
Balance, End of Period (e)		$	93,252,724			$	80,008,166			$	72,280,606			$	96,986,011			$	342,527,507
Increase (Decrease)		$	9,267,900			$	9,867,283			$	2,366,545			$	(14,318,219	)		$	7,183,509
Increase (Decrease)			11	%			14	%			3	%			-13	%			2	%
Annualized Base Management Fee Rate (f)			1.11	%			1.04	%			0.72	%			0.54	%			0.84	%

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		Year Ended December 31,
		2020																				2019
		Real Estate				Private Equity				Hedge Fund Solutions				Credit & Insurance				Total				Real Estate				Private Equity				Hedge Fund Solutions				Credit & Insurance				Total
		(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period		$	163,156,064			$	182,886,109			$	80,738,112			$	144,342,178			$	571,122,463			$	136,247,229			$	130,665,286			$	77,814,516			$	127,515,286			$	472,242,317
Inflows (a)			33,426,600				23,030,463				10,415,356				28,141,077				95,013,496				34,190,566				56,836,570				12,242,855				31,107,288				134,377,279
Outflows (b)			(3,836,842	)			(2,707,863	)			(13,353,437	)			(9,380,391	)			(29,278,533	)			(2,664,717	)			(1,065,445	)			(13,433,702	)			(11,629,269	)			(28,793,133	)
Net Inflows (Outflows)			29,589,758				20,322,600				(2,938,081	)			18,760,686				65,734,963				31,525,849				55,771,125				(1,190,847	)			19,478,019				105,584,146
Realizations (c)			(16,256,579	)			(17,304,777	)			(1,392,894	)			(7,670,738	)			(42,624,988	)			(18,097,899	)			(13,540,914	)			(1,271,968	)			(7,291,045	)			(40,201,826	)
Market Activity (d)(h)(i)			10,702,004				11,645,290				3,015,732				(1,038,536	)			24,324,490				13,480,885				9,990,612				5,386,411				4,639,918				33,497,826
Balance, End of Period (e)		$	187,191,247			$	197,549,222			$	79,422,869			$	154,393,590			$	618,556,928			$	163,156,064			$	182,886,109			$	80,738,112			$	144,342,178			$	571,122,463
Increase (Decrease)		$	24,035,183			$	14,663,113			$	(1,315,243	)		$	10,051,412			$	47,434,465			$	26,908,835			$	52,220,823			$	2,923,596			$	16,826,892			$	98,880,146
Increase (Decrease)			15	%			8	%			-2	%			7	%			8	%			20	%			40	%			4	%			13	%			21	%

		Year Ended December 31,
		2018
						Private				Hedge Fund				Credit &
		Real Estate				Equity				Solutions				Insurance				Total
		(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period		$	115,340,363			$	105,560,576			$	75,090,834			$	138,136,470			$	434,128,243
Inflows (a)			31,478,431				26,639,963				13,278,327				29,578,890				100,975,611
Outflows (b)			(2,162,958	)			(1,617,585	)			(10,780,055	)			(28,057,658	)			(42,618,256	)
Net Inflows			29,315,473				25,022,378				2,498,272				1,521,232				58,357,355
Realizations (c)			(14,675,095	)			(10,396,611	)			(471,931	)			(8,516,996	)			(34,060,633	)
Market Activity (d)(h)(i)			6,266,488				10,478,943				697,341				(3,625,420	)			13,817,352
Balance, End of Period (e)		$	136,247,229			$	130,665,286			$	77,814,516			$	127,515,286			$	472,242,317
Increase (Decrease)		$	20,906,866			$	25,104,710			$	2,723,682			$	(10,621,184	)		$	38,114,074
Increase (Decrease)			18	%			24	%			4	%			-8	%			9	%

---

(a)	Inflows represent contributions, capital raised, other increases in available capital (recallable capital, increased side-by-side commitments), purchases, inter-segment allocations and acquisitions.

(b)	Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).

(c)	Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs.

(d)	Market activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations.

(e)	Assets Under Management are reported in the segment where the assets are managed.

(f)

Effective January 1, 2020, Blackstone updated its calculation methodology as follows: annualized year to date Base Management Fee divided by the average of the beginning of year and each quarter end’s Fee-Earning Assets Under Management in the reporting period. Prior periods have been recast for this update

(g)

For the year ended December 31, 2020, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $2.4 billion, $1.0 billion and $3.5 billion for the Real Estate, Credit & Insurance and Total segments, respectively. For the year ended December 31, 2019, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(94.9) million, $(280.6) million and $(375.5) million for the Real Estate, Credit & Insurance and Total segments, respectively. For the year ended December 31, 2018, such impact was $(904.2) million, $(626.6) million and $(1.5) billion for the Real Estate, Credit & Insurance and Total segments, respectively.

(h)

For the year ended December 31, 2020, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $4.2 billion, $642.6 million, $1.2 billion and $6.1 billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively. For the year ended December 31, 2019, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(908.4) million, $238.8 million, $(233.0) million and $(902.6) million for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively. For the year ended December 31, 2018, such impact was $(2.1) billion, $(354.1) million, $(821.9) million and $(3.3) billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively.

(i)

Effective in the three months ended December 31, 2020, the methodology for Total Assets Under Management was updated with respect to the relevant segment for certain real estate, secondaries and credit funds to include permanent fund level leverage (as this represents additional capital the fund is managing), to include uncalled capital commitments until they are legally expired and to exclude certain uncalled capital commitments where the investors have complete discretion over investment. Funds without an adjustment were either already applying that methodology in reporting Total Assets Under Management or the updates were not applicable. Additional detail on these adjustments is included below:

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•

Inflows of $109.2 billion related to:

o

$45.4 billion in our Private Equity segment driven by $29.5 billion from corporate private equity, primarily related to the commencement of BCP VIII and BEP III’s investment periods, $4.9 billion from BXLS, related to the commencement of BXLS V’s investment period, $4.6 billion from Strategic Partners, $3.3 billion from BXG, $2.6 billion from Tactical Opportunities and $504.1 million from multi-asset products,

o

$28.1 billion in our Real Estate segment driven by $9.5 billion from BREIT, $6.9 billion from the launch of a new perpetual capital vehicle, BPP Life Sciences, $5.9 billion from BREDS, $2.1 billion from BREP opportunistic funds and co-investment, $1.3 billion from BPP Europe and co-investment, $1.2 billion from BPP Asia and co-investment and $1.1 billion from BPP U.S. and co-investment,

o

$26.0 billion in our Credit & Insurance segment driven by $13.0 billion from certain liquid credit and MLP strategies (including $7.8 billion related to the DCI acquisition), $4.7 billion from direct lending, $4.3 billion from our structured products group, $4.2 billion of capital raised from CLOs, $2.5 billion from BIS, $1.6 billion from mezzanine funds, $1.3 billion from stressed/distressed strategies and $525.8 million from energy strategies, all partially offset by $6.6 billion of allocations to various strategies and other segments, and

o

$9.7 billion in our Hedge Fund Solutions segment driven by $6.5 billion from individual investor and specialized solutions, $1.9 billion from customized solutions and $1.2 billion from commingled products.

•

Market activity of $6.8 billion primarily attributable to:

o

$5.4 billion of market appreciation in our Real Estate segment driven by $4.5 billion from core+ real estate (including $1.3 billion from foreign exchange appreciation) and $1.1 billion from BREP opportunistic and co-investment,

o

$2.7 billion of market appreciation in our Hedge Fund Solutions segment driven by returns from BAAM’s Principal Solutions Composite of 5.5% gross and 4.6% net, and

o

Partially offset by $916.9 million of market depreciation in our Credit & Insurance segment driven by depreciation of $1.1 billion from certain liquid credit and MLP strategies, $1.0 billion from stressed/distressed strategies, partially offset by $534.5 million of market appreciation from CLOs, $388.9 million from direct lending and $360.3 million from BIS, all of which included $1.0 billion of foreign exchange appreciation across the segment.

•

Outflows of $31.4 billion primarily attributable to:

o

$12.5 billion in our Hedge Fund Solutions segment driven by $5.7 billion from individual investor and specialized solutions, $4.0 billion from customized solutions and $2.8 billion from commingled products,

o

$9.4 billion in our Credit & Insurance segment driven by $6.8 billion from certain liquid credit and MLP strategies, $1.1 billion from direct lending and $809.9 million from stressed/distressed strategies,

o

$6.0 billion in our Private Equity segment driven by $4.6 billion from corporate private equity primarily due to the end of BCP VII and BEP II’s investment periods, $706.8 million from Strategic Partners, $497.5 million from BXLS due to the end of Clarus IV’s investment period and $237.2 million from multi-asset products, and

---

o

$3.5 billion in our Real Estate segment driven by $1.5 billion from BREIT, $1.5 billion from BREDS, $336.0 million from BPP U.S. and co-investment and $160.3 million from BPP Europe.

•

Realizations of $23.2 billion primarily driven by:

o

$9.0 billion in our Real Estate segment driven by $3.2 billion from BREP opportunistic funds and co-investment, $3.1 billion from core+ real estate and $2.7 billion from BREDS,

o

$7.3 billion in our Private Equity segment driven by $3.7 billion from Tactical Opportunities, $1.9 billion from corporate private equity and $1.7 billion from Strategic Partners, and

o

$5.5 billion in our Credit & Insurance segment driven by $1.2 billion from direct lending, $1.2 billion from stressed/distressed strategies, $1.0 billion from CLOs, $978.6 million from mezzanine funds, $583.8 million from energy strategies and $551.7 million from certain liquid credit and MLP strategies.

•

Inflows of $95.0 billion related to:

o

$33.4 billion in our Real Estate segment driven by $9.5 billion from BREIT, $8.8 billion from BREDS, $8.0 billion from the launch of a new perpetual capital vehicle, BPP Life Sciences, $2.3 billion from BREP opportunistic funds and co-investment, $1.9 billion from BPP Asia and co-investment, $1.8 billion from BPP Europe and co-investment and $1.1 billion from BPP U.S. and co-investment,

o

$28.1 billion in our Credit & Insurance segment driven by $14.1 billion from certain liquid credit and MLP strategies (including $7.8 billion related to the DCI acquisition), $7.3 billion from our structured products group, $5.1 billion from direct lending, $4.2 billion of capital raised from CLOs, $3.5 billion from mezzanine funds and $2.7 billion from BIS, all partially offset by $9.6 billion of allocations to various strategies and other segments,

o

$23.0 billion in our Private Equity segment driven by $10.3 billion from corporate private equity, including $8.2 billion capital raised from the second core private equity fund, $4.1 billion from Strategic Partners, $3.5 billion from BXG, $2.1 billion from Tactical Opportunities, $2.1 billion from BXLS and $888.0 million from BIP, and

o

$10.4 billion in our Hedge Fund Solutions segment driven by $6.6 billion from individual investor and specialized solutions, $2.3 billion from customized solutions and $1.6 billion from commingled products.

•

Market activity of $24.3 billion primarily driven by:

o

$11.6 billion of market appreciation in our Private Equity segment driven by carrying value increases in corporate private equity and Tactical Opportunities of 11.9% and 14.1%, respectively, which includes $642.6 million of foreign exchange appreciation across the segment,

o

$10.7 billion of market appreciation in our Real Estate segment driven by carrying value increases in opportunistic and core+ real estate of 3.4% and 7.9%, during the year, respectively, which includes $4.2 billion of foreign exchange appreciation across the segment,

o

$3.0 billion of market appreciation in our Hedge Fund Solutions segment driven by reasons noted above in Fee-Earning Assets Under Management, and

o

Partially offset by $1.0 billion of market depreciation in our Credit & Insurance segment driven by depreciation of $1.2 billion from certain liquid credit and MLP strategies, $816.5 million from energy strategies and $616.7 million from stressed/distressed strategies, partially offset by market appreciation of $1.2 billion from direct lending and $554.8 million from CLOs, all of which included $1.2 billion of foreign exchange appreciation across the segment.

---

•

Realizations of $42.6 billion primarily driven by:

o

$17.3 billion in our Private Equity segment driven by $8.3 billion from corporate private equity, $6.1 billion from Tactical Opportunities, $2.5 billion from Strategic Partners and $446.6 million from BXLS,

o

$16.3 billion in our Real Estate segment driven by $11.1 billion from BREP opportunistic and co-investment, $3.2 billion from core+ real estate and $1.9 billion from BREDS, and

o

$7.7 billion in our Credit & Insurance segment driven by $2.2 billion from direct lending, $1.9 billion from mezzanine funds, $1.3 billion from stressed/distressed strategies, $1.0 billion from CLOs, $638.5 million from energy strategies and $617.3 million from certain liquid credit and MLP strategies.

•

Outflows of $29.3 billion primarily attributable to:

o

$13.4 billion in our Hedge Fund Solutions segment driven by $5.8 billion from individual investor and specialized solutions, $4.1 billion from customized solutions and $3.4 billion from commingled products,

o

$9.4 billion in our Credit & Insurance segment driven by $7.3 billion from certain liquid credit and MLP strategies, $1.1 billion from direct lending and $508.5 million from CLOs,

o

$3.8 billion in our Real Estate segment driven by $2.1 billion from core+ real estate, $1.3 billion from BREP opportunistic funds and co-investment and $467.2 million from BREDS, and

o

$2.7 billion in our Private Equity segment driven by $824.8 million from multi-asset products, $705.9 million from Strategic Partners, $658.1 million from corporate private equity, $337.2 million from Tactical Opportunities and $171.7 million from BXLS.

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(a)

Represents illiquid drawdown funds, a component of Perpetual Capital and fee-paying co-investments; includes fee-paying third party capital as well as general partner and employee capital that does not earn fees. Amounts are reduced by outstanding capital commitments, for which capital has not yet been invested.

---

		December 31,
		2020				2019
		(Dollars in Millions)
Real Estate
BREP IV		$	9			$	11
BREP V			13				19
BREP VI			42				76
BREP VII			236				445
BREP VIII			475				674
BREP IX			137				6
BREP Europe IV			97				158
BREP Europe V			211				193
BREP Asia I			127				152
BREP Asia II			—				22
BPP			264				281
BREDS			23				33
BTAS			21				42
Total Real Estate (a)			1,656				2,112
Private Equity
BCP IV			18				23
BCP VI			680				705
BCP VII			688				471
BCP Asia			72				17
BEP I			29				102
BEP III			16				—
BCEP			105				46
Tactical Opportunities (b)			204				157
Strategic Partners			105				144
BXLS			10				7
BTAS/Other			45				62
Total Private Equity (a)			1,971				1,735
Hedge Fund Solutions			29				15
Credit & Insurance			170				237
Total Blackstone Net Accrued Performance Revenues		$	3,826			$	4,099

(a)	Real Estate and Private Equity include Co-Investments, as applicable

(b)	Tactical Opportunities includes Blackstone Growth.

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---

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Fund (Investment Period		Committed				Available				Unrealized Investments												Realized Investments								Total Investments								Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital				Capital (b)				Value				MOIC (c)				% Public				Value				MOIC (c)				Value				MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Real Estate
Pre-BREP		$	140,714			$	—			$	—				N/A				—			$	345,190				2.5x			$	345,190				2.5x				33	%			33	%
BREP I (Sep 1994 / Oct 1996)			380,708				—				—				N/A				—				1,327,708				2.8x				1,327,708				2.8x				40	%			40	%
BREP II (Oct 1996 / Mar 1999)			1,198,339				—				—				N/A				—				2,531,614				2.1x				2,531,614				2.1x				19	%			19	%
BREP III (Apr 1999 / Apr 2003)			1,522,708				—				—				N/A				—				3,330,406				2.4x				3,330,406				2.4x				21	%			21	%
BREP IV (Apr 2003 / Dec 2005)			2,198,694				—				89,243				1.8x				27	%			4,544,926				1.7x				4,634,169				1.7x				13	%			12	%
BREP V (Dec 2005 / Feb 2007) (e)			5,539,418				231,919				191,895				0.8x				50	%			13,080,463				2.4x				13,272,358				2.3x				12	%			11	%
BREP VI (Feb 2007 / Aug 2011) (e)			11,060,444				550,734				512,439				2.3x				77	%			27,223,779				2.5x				27,736,218				2.5x				13	%			13	%
BREP VII (Aug 2011 / Apr 2015)			13,496,823				1,525,946				5,584,753				1.2x				6	%			23,030,962				2.1x				28,615,715				1.8x				22	%			14	%
BREP VIII (Apr 2015 / Jun 2019)			16,567,256				2,729,536				13,706,200				1.2x				—				13,362,963				2.3x				27,069,163				1.6x				29	%			14	%
*BREP IX (Jun 2019 / Dec 2024)			20,891,658				14,175,042				8,173,444				1.2x				6	%			1,204,084				1.4x				9,377,528				1.3x				N/M				20	%
Total Global BREP		$	72,996,762			$	19,213,177			$	28,257,974				1.2x				5	%		$	89,982,095				2.3x			$	118,240,069				1.9x				18	%			15	%
BREP Int’l (Jan 2001 / Sep 2005)		€	824,172			€	—			€	—				N/A				—			€	1,373,170				2.1x			€	1,373,170				2.1x				23	%			23	%
BREP Int’l II (Sep 2005 / Jun 2008) (f)			1,629,748				—				—				N/A				—				2,576,670				1.8x				2,576,670				1.8x				8	%			8	%
BREP Europe III (Jun 2008 / Sep 2013) (e)			3,205,167				456,744				362,083				0.6x				—				5,738,120				2.5x				6,100,203				2.1x				20	%			14	%
BREP Europe IV (Sep 2013 / Dec 2016)			6,710,146				1,308,972				2,441,555				1.3x				—				9,045,059				2.0x				11,486,614				1.8x				22	%			14	%
BREP Europe V (Dec 2016 / Oct 2019)			7,949,959				1,563,722				8,006,708				1.3x				—				853,905				2.8x				8,860,613				1.4x				51	%			9	%
*BREP Europe VI (Oct 2019 / Apr 2025)			9,786,439				7,021,025				2,670,641				1.1x				3	%			4,800				N/A				2,675,441				1.1x				N/M				—
Total BREP Europe		€	30,105,631			€	10,350,463			€	13,480,987				1.2x				1	%		€	19,591,724				2.1x			€	33,072,711				1.6x				16	%			12	%

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Fund (Investment Period		Committed				Available				Unrealized Investments												Realized Investments								Total Investments								Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital				Capital (b)				Value				MOIC (c)				% Public				Value				MOIC (c)				Value				MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Real Estate (continued)
BREP Asia I (Jun 2013 / Dec 2017)		$	4,598,089			$	1,277,077			$	3,227,787				1.4x				14	%		$	4,422,796				1.9x			$	7,650,583				1.7x				21	%			12	%
*BREP Asia II (Dec 2017 / Jun 2023)			7,302,307				3,989,162				3,830,476				1.2x				10	%			267,905				1.5x				4,098,381				1.2x				47	%			7	%
BREP Co-Investment (g)			7,055,974				52,499				556,811				1.4x				—				14,780,923				2.2x				15,337,734				2.2x				16	%			16	%
Total BREP		$	128,730,171			$	37,176,041			$	51,343,542				1.2x				5	%		$	134,129,927				2.2x			$	185,473,469				1.8x				17	%			15	%
*Core+ BPP (Various) (h)		$	N/A			$	N/A			$	43,373,269				N/A				—			$	7,884,244				N/A			$	51,257,513				N/A				N/M				9	%
*Core+ BREIT (Various) (i)			N/A				N/A				21,046,096				N/A				—				706,600				N/A				21,752,696				N/A				N/A				9	%
*BREDS High-Yield (Various) (j)			19,991,345				9,009,057				3,983,786				1.0x				—				13,213,838				1.3x				17,197,624				1.2x				11	%			10	%
Private Equity
Corporate Private Equity
BCP I (Oct 1987 / Oct 1993)		$	859,081			$	—			$	—				N/A				—			$	1,741,738				2.6x			$	1,741,738				2.6x				19	%			19	%
BCP II (Oct 1993 / Aug 1997)			1,361,100				—				—				N/A				—				3,256,819				2.5x				3,256,819				2.5x				32	%			32	%
BCP III (Aug 1997 / Nov 2002)			3,967,422				—				—				N/A				—				9,184,688				2.3x				9,184,688				2.3x				14	%			14	%
BCOM (Jun 2000 / Jun 2006)			2,137,330				24,575				12,891				N/A				—				2,953,649				1.4x				2,966,540				1.4x				6	%			6	%
BCP IV (Nov 2002 / Dec 2005)			6,773,182				188,664				161,420				2.0x				—				21,417,821				2.9x				21,579,241				2.9x				36	%			36	%
BCP V (Dec 2005 / Jan 2011)			21,009,112				1,035,259				534,817				5.9x				44	%			37,465,460				1.9x				38,000,277				1.9x				8	%			8	%
BCP VI (Jan 2011 / May 2016)			15,202,400				1,164,970				10,785,320				1.8x				48	%			18,844,732				2.2x				29,630,052				2.0x				17	%			13	%
BCP VII (May 2016 / Feb 2020)			18,853,440				1,500,064				23,833,391				1.5x				3	%			2,127,704				1.4x				25,961,095				1.5x				20	%			15	%
*BCP VIII (Feb 2020 / Feb 2026)			24,839,835				24,780,233				55,918				N/A				100	%			—				N/A				55,918				N/A				N/A				N/A
Energy I (Aug 2011 / Feb 2015)			2,441,558				142,138				707,832				1.0x				20	%			3,332,406				1.9x				4,040,238				1.7x				15	%			10	%
Energy II (Feb 2015 / Feb 2020)			4,913,589				452,250				3,542,696				0.9x				8	%			538,308				0.8x				4,081,004				0.9x				-18	%			-9	%
*Energy III (Feb 2020 / Feb 2026)			4,230,317				3,659,611				740,313				1.5x				87	%			—				N/A				740,313				1.5x				N/A				N/M
*BCP Asia (Dec 2017 / Dec 2023)			2,407,749				1,314,996				1,882,785				1.8x				11	%			160,023				2.2x				2,042,808				1.8x				145	%			35	%
*Core Private Equity I (Jan 2017 / Jul 2021) (k)			4,756,127				1,704,858				5,140,800				1.6x				—				1,007,863				1.9x				6,148,663				1.7x				33	%			20	%
Core Private Equity II (TBD) (k)			8,160,000				8,160,000				—				N/A				—				—				N/A				—				N/A				N/A				N/A
Total Corporate Private Equity		$	121,912,242			$	44,127,618			$	47,398,183				1.5x				16	%		$	102,031,211				2.1x			$	149,429,394				1.8x				16	%			15	%

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Fund (Investment Period		Committed				Available				Unrealized Investments												Realized Investments								Total Investments								Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital				Capital (b)				Value				MOIC (c)				% Public				Value				MOIC (c)				Value				MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Private Equity (continued)
Tactical Opportunities
*Tactical Opportunities (Various)		$	23,059,743			$	9,485,052			$	13,781,064				1.3x				11	%		$	11,484,767				1.8x			$	25,265,831				1.4x				17	%			11	%
*Tactical Opportunities Co-Investment and Other (Various)			8,752,000				2,219,611				3,412,302				1.2x				7	%			5,404,166				1.7x				8,816,468				1.5x				19	%			15	%
Total Tactical Opportunities		$	31,811,743			$	11,704,663			$	17,193,366				1.3x				10	%		$	16,888,933				1.7x			$	34,082,299				1.4x				18	%			12	%
*Blackstone Growth (Jul 2020 / Jul 2025)		$	3,378,427			$	2,590,318			$	480,643				N/M				—			$	—				N/A			$	480,643				N/M				N/A				N/M
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (l)			11,863,351				1,163,562				767,152				N/M				—				17,047,367				N/M				17,814,519				1.5x				N/A				13	%
Strategic Partners VI (Apr 2014 / Apr 2016) (l)			4,362,750				1,231,443				1,140,668				N/M				—				3,420,227				N/M				4,560,895				1.4x				N/A				13	%
Strategic Partners VII (May 2016 / Mar 2019) (l)			7,489,970				2,236,145				4,502,593				N/M				—				2,501,199				N/M				7,003,792				1.4x				N/A				13	%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (l)			1,749,807				342,200				1,146,290				N/M				—				457,411				N/M				1,603,701				1.2x				N/A				12	%
*Strategic Partners VIII (Mar 2019 / Jul 2023) (l)			10,763,600				6,057,212				3,116,224				N/M				—				349,817				N/M				3,466,041				1.3x				N/A				25	%
*Strategic Partners Real Estate, SMA and Other (Various) (l)			7,678,498				2,637,711				2,721,040				N/M				—				1,515,801				N/M				4,236,841				1.2x				N/A				12	%
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (l)			3,250,100				2,945,629				95,680				N/M				—				—				N/A				95,680				1.9x				N/A				N/M
Total Strategic Partners (Secondaries)		$	47,158,076			$	16,613,902			$	13,489,647				N/M				—			$	25,291,822				N/M			$	38,781,469				1.4x				N/A				13	%
*Infrastructure (Various)		$	13,658,063			$	10,643,283			$	3,221,714				1.1x				19	%		$	—				N/A			$	3,221,714				1.1x				N/A				—
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)			910,000				376,877				620,930				1.3x				3	%			25,626				1.3x				646,556				1.3x				15	%			11	%
*BXLS V (Jan 2020 / Jan 2025)			4,711,227				4,124,901				659,008				1.2x				15	%			—				N/A				659,008				1.2x				N/A				N/M

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Fund (Investment Period Beginning Date / Ending Date) (a)		Committed Capital				Available Capital (b)				Unrealized Investments												Realized Investments								Total Investments								Net IRRs (d)
										Value				MOIC (c)				% Public				Value				MOIC (c)				Value				MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)		$	2,000,000			$	97,114			$	19,479				1.0x				—			$	4,774,747				1.6x			$	4,794,226				1.6x				N/A				17	%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)			4,120,000				1,033,222				837,744				0.6x				—				5,741,374				1.6x				6,579,118				1.3x				N/A				10	%
*Mezzanine / Opportunistic III (Sep 2016 / Sep 2021)			6,639,133				1,523,459				5,183,034				1.1x				—				2,714,002				1.7x				7,897,036				1.2x				N/A				10	%
Stressed / Distressed I (Sep 2009 / May 2013)			3,253,143				76,000				—				N/A				—				5,775,572				1.3x				5,775,572				1.3x				N/A				9	%
Stressed / Distressed II (Jun 2013 / Jun 2018)			5,125,000				552,970				887,348				0.7x				—				4,511,189				1.2x				5,398,537				1.0x				N/A				-1	%
*Stressed / Distressed III (Dec 2017 / Dec 2022)			7,356,380				3,913,986				2,167,831				0.9x				—				1,502,127				1.4x				3,669,958				1.1x				N/A				2	%
Energy I (Nov 2015 / Nov 2018)			2,856,867				999,173				1,459,608				0.9x				—				1,236,203				1.7x				2,695,811				1.2x				N/A				4	%
*Energy II (Feb 2019 / Feb 2024)			3,616,081				2,797,654				890,262				1.1x				—				227,003				1.6x				1,117,265				1.2x				N/A				23	%
European Senior Debt I (Feb 2015 / Feb 2019)		€	1,964,689			€	267,442			€	1,684,033				1.0x				2	%		€	1,428,233				1.5x			€	3,112,266				1.2x				N/A				5	%
*European Senior Debt II (Jun 2019 / Jun 2024)		€	4,088,344			€	3,362,428			€	921,206				1.1x				—			€	267,489				1.1x			€	1,188,695				1.1x				N/A				16	%
Total Credit Drawdown Funds (m)		$	41,872,262			$	15,434,919			$	14,629,225				1.0x				—			$	28,421,511				1.4x			$	43,050,736				1.2x				N/A				9	%
*Direct Lending BDC BXSL (Various) (n)		$	3,926,295			$	713,254			$	3,267,808				N/A				—			$	267,134				N/A			$	3,534,942				N/A				N/A				9	%

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N/M	Not meaningful generally due to the limited time since initial investment.

N/A	Not applicable.

*	Represents funds that are currently in their investment period and open-ended funds.

(a)	Excludes investment vehicles where Blackstone does not earn fees.

(b)	Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.

(c)	Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to December 31, 2020 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

(e)	Effective December 31, 2020, Available Capital was updated to include uncalled capital commitments until they are legally expired, which increased Available Capital.

(f)	The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR.

(g)	BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(h)	BPP represents the core+ real estate funds which invest with a more modest risk profile and lower leverage. Committed Capital and Available Capital are not regularly reported to investors in our core+ strategy and are not applicable in the context of these funds.

(i)

Unrealized Investment Value reflects BREIT’s net asset value as of December 31, 2020. Realized Investment Value represents BREIT’s cash distributions, net of servicing fees. The BREIT net return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an annualized basis and are from January 1, 2017. Committed Capital and Available Capital are not regularly reported to investors in our core+ strategy and are not applicable in the context of this vehicle.

(j)	BREDS High-Yield represents the flagship real estate debt drawdown funds only and excludes BREDS High-Grade.

(k)	Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

(l)

Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not meaningful. If information is not available on a timely basis, returns are calculated from results that are reported on a three month lag and therefore do not include the impact of economic and market activities in the quarter in which such events occur.

(m)	Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.

(n)

Unrealized Investment Value reflects BXSL’s net asset value as of December 31, 2020. Realized Investment Value represents BXSL’s cash distributions. BXSL’s net return is annualized and calculated since inception starting on November 20, 2018, as the change in net asset value (“NAV”) per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan) divided by the beginning NAV per share.

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		Year Ended December 31,												2020 vs. 2019								2019 vs. 2018
		2020				2019				2018				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	1,553,483			$	1,116,183			$	985,399			$	437,300				39	%		$	130,784				13	%
Transaction and Other Fees, Net			98,225				175,831				152,513				(77,606	)			-44	%			23,318				15	%
Management Fee Offsets			(13,020	)			(26,836	)			(11,442	)			13,816				-51	%			(15,394	)			135	%
Total Management Fees, Net			1,638,688				1,265,178				1,126,470				373,510				30	%			138,708				12	%
Fee Related Performance Revenues			338,161				198,237				124,502				139,924				71	%			73,735				59	%
Fee Related Compensation			(618,105	)			(531,259	)			(459,430	)			(86,846	)			16	%			(71,829	)			16	%
Other Operating Expenses			(183,132	)			(168,332	)			(146,260	)			(14,800	)			9	%			(22,072	)			15	%
Fee Related Earnings			1,175,612				763,824				645,282				411,788				54	%			118,542				18	%
Realized Performance Revenues			787,768				1,032,337				914,984				(244,569	)			-24	%			117,353				13	%
Realized Performance Compensation			(312,698	)			(374,096	)			(284,319	)			61,398				-16	%			(89,777	)			32	%
Realized Principal Investment Income			24,764				79,733				92,525				(54,969	)			-69	%			(12,792	)			-14	%
Net Realizations			499,834				737,974				723,190				(238,140	)			-32	%			14,784				2	%
Segment Distributable Earnings		$	1,675,446			$	1,501,798			$	1,368,472			$	173,648				12	%		$	133,326				10	%

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		Year Ended December 31,																								December 31, 2020 Inception to Date
		2020								2019								2018								Realized								Total
Fund (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BREP IV			66	%			106	%			90	%			66	%			-14	%			-12	%			23	%			13	%			22	%			12	%
BREP V			-13	%			-11	%			16	%			13	%			-6	%			-5	%			15	%			12	%			14	%			11	%
BREP VI			-16	%			-15	%			34	%			28	%			7	%			5	%			18	%			13	%			17	%			13	%
BREP VII			-22	%			-20	%			15	%			12	%			3	%			2	%			30	%			22	%			21	%			14	%
BREP VIII			10	%			7	%			20	%			15	%			20	%			14	%			36	%			29	%			20	%			14	%
BREP IX			35	%			21	%			N/	M			N/	M			N/	A			N/	A			N/	M			N/	M			35	%			20	%
BREP Europe III (b)			-14	%			-11	%			1	%			-1	%			-18	%			-15	%			30	%			20	%			22	%			14	%
BREP Europe IV (b)			-17	%			-15	%			13	%			10	%			20	%			14	%			31	%			22	%			21	%			14	%
BREP Europe V (b)			1	%				—			20	%			14	%			25	%			17	%			67	%			51	%			15	%			9	%
BREP Europe VI (b)			14	%				—			N/	M			N/	M			N/	A			N	/A			N/	M			N/	M			11	%				—
BREP Asia I			-5	%			-5	%			19	%			14	%			10	%			7	%			29	%			21	%			18	%			12	%
BREP Asia II			8	%			4	%			27	%			16	%			N/	M			N/	M			74	%			47	%			14	%			7	%
BREP Co-Investment (c)			33	%			32	%			20	%			13	%			-1	%				—			18	%			16	%			18	%			16	%
BPP (d)			7	%			6	%			10	%			8	%			11	%			10	%			N/	M			N/	M			11	%			9	%
BREDS High-Yield (e)			5	%			1	%			17	%			13	%			9	%			4	%			15	%			11	%			14	%			10	%
BREDS High-Grade (e)			2	%			1	%			8	%			7	%			7	%			5	%			8	%			6	%			5	%			4	%
BREDS Liquid (f)			-10	%			-11	%			13	%			10	%			6	%			4	%			N	/A			N	/A			9	%			6	%
BXMT (g)			N	/A			-18	%			N/	A			25	%			N	/A			7	%			N	/A			N	/A			N	/A			9	%
BREIT (h)			N	/A			7	%			N/	A			12	%			N	/A			8	%			N	/A			N	/A			N	/A			9	%

N/M	Not meaningful generally due to the limited time since initial investment.

N/A	Not applicable.

(a)	Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues.

(b)	Euro-based internal rates of return.

(c)	BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(d)	BPP represents the core+ real estate funds which invest with a more modest risk profile and lower leverage.

(e)	BREDS High-Yield represents the flagship real estate debt drawdown funds and excludes the BREDS High-Grade drawdown fund, which has a different risk-return profile. Inception to date returns are from July 1, 2009 and July 1, 2017 for BREDS High-Yield and BREDS High-Grade, respectively.

(f)

BREDS Liquid represents BREDS funds that invest in liquid real estate debt securities, except funds in liquidation and insurance mandates with specific investment objectives. The returns presented represent summarized asset-weighted gross and net rates of return from August 1, 2008. Inception to Date returns are presented on an annualized basis.

(g)

Reflects annualized return of a shareholder invested in BXMT as of the beginning of each period presented, assuming reinvestment of all dividends received during the period, and net of all fees and expenses incurred by BXMT. Return incorporates the closing NYSE stock price as of each period end. Inception to date returns are from May 22, 2013.

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(h)

Reflects a per share blended return for each respective period, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date returns are presented on an annualized basis and are from January 1, 2017.

		Year Ended December 31,												2020 vs. 2019								2019 vs. 2018
		2020				2019				2018				$				%				$				%
		(Dollars in Thousands)
Management and Advisory Fees, Net
Base Management Fees		$	1,232,028			$	986,482			$	785,223			$	245,546				25	%		$	201,259				26	%
Transaction, Advisory and Other Fees, Net			82,440				115,174				58,165				(32,734	)			-28	%			57,009				98	%
Management Fee Offsets			(44,628	)			(37,327	)			(13,504	)			(7,301	)			20	%			(23,823	)			176	%
Total Management and Advisory Fees, Net			1,269,840				1,064,329				829,884				205,511				19	%			234,445				28	%
Fee Related Compensation			(455,538	)			(423,752	)			(375,446	)			(31,786	)			8	%			(48,306	)			13	%
Other Operating Expenses			(195,213	)			(160,010	)			(133,096	)			(35,203	)			22	%			(26,914	)			20	%
Fee Related Earnings			619,089				480,567				321,342				138,522				29	%			159,225				50	%
Realized Performance Revenues			877,493				468,992				757,406				408,501				87	%			(288,414	)			-38	%
Realized Performance Compensation			(366,949	)			(192,566	)			(318,167	)			(174,383	)			91	%			125,601				-39	%
Realized Principal Investment Income			72,089				90,249				109,731				(18,160	)			-20	%			(19,482	)			-18	%
Net Realizations			582,633				366,675				548,970				215,958				59	%			(182,295	)			-33	%
Segment Distributable Earnings		$	1,201,722			$	847,242			$	870,312			$	354,480				42	%		$	(23,070	)			-3	%

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		Year Ended December 31,																								December 31, 2020 Inception to Date
		2020								2019								2018								Realized								Total
Fund (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BCP IV			-15	%			-15	%			68	%			51	%			6	%			5	%			50	%			36	%			50	%			36	%
BCP V			14	%			5	%			-14	%			-4	%			-6	%			-5	%			10	%			8	%			10	%			8	%
BCP VI			18	%			16	%			4	%			3	%			17	%			14	%			22	%			17	%			17	%			13	%
BCP VII			11	%			9	%			24	%			18	%			43	%			28	%			32	%			20	%			23	%			15	%
BCP Asia			56	%			42	%			43	%			24	%			N/	M			N/	M			292	%			145	%			56	%			35	%
BEP I			-19	%			-18	%				—				—			18	%			15	%			19	%			15	%			13	%			10	%
BEP II			-31	%			-31	%			-5	%			-3	%			32	%			20	%			-8	%			-18	%			-5	%			-9	%
BCOM			-4	%			-5	%			-22	%			-23	%			3	%			2	%			13	%			6	%			13	%			6	%
BCEP I (b)			33	%			29	%			24	%			20	%			N/	M			N/	M			37	%			33	%			23	%			20	%
BIP			6	%			1	%			N/	M			N/	M			N/	A			N/	A			N/	A			N/	A			6	%				—
Clarus IV			3	%				—			68	%			46	%			N/	M			N/	M			26	%			15	%			24	%			11	%
Tactical Opportunities			19	%			15	%			10	%			6	%			13	%			9	%			21	%			17	%			15	%			11	%
Tactical Opportunities Co-Investment and Other			14	%			11	%			15	%			14	%			13	%			11	%			21	%			19	%			18	%			15	%
Strategic Partners I-V (c)			-4	%			-5	%				—			-1	%			9	%			6	%			N/	A			N/	A			16	%			13	%
Strategic Partners VI (c)			-9	%			-9	%			-4	%			-5	%			18	%			15	%			N/	A			N/	A			18	%			13	%
Strategic Partners VII (c)			-7	%			-8	%			12	%			10	%			32	%			26	%			N/	A			N/	A			18	%			13	%
Strategic Partners Real Assets II (c)			10	%			6	%			21	%			17	%			33	%			22	%			N/	A			N/	A			18	%			12	%
Strategic Partners VIII (c)			6	%			2	%			N/	M			N/	M			N/	A			N/	A			N/	A			N/	A			38	%			25	%
Strategic Partners RE, SMA and Other (c)			2	%			2	%			19	%			18	%			15	%			13	%			N/	A			N/	A			16	%			12	%

N/M	Not meaningful generally due to the limited time since initial investment.

N/A	Not applicable.

(a)	Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues.

(b)	BCEP is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

(c)

Realizations are treated as return of capital until fully recovered and therefore inception to date realized returns are not applicable. If information is not available on a timely basis, returns are calculated from results that are reported on a three month lag and therefore do not include the impact of economic and market activities in the quarter in which such events occur.

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		Year Ended December 31,												2020 vs. 2019								2019 vs. 2018
		2020				2019				2018				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	582,830			$	556,730			$	519,782			$	26,100				5%			$	36,948				7%
Transaction and Other Fees, Net			5,899				3,533				3,180				2,366				67%				353				11%
Management Fee Offsets			(650	)			(138	)			(93	)			(512	)			371%				(45	)			48%
Total Management Fees, Net			588,079				560,125				522,869				27,954				5%				37,256				7%
Fee Related Compensation			(161,713	)			(151,960	)			(162,172	)			(9,753	)			6%				10,212				-6%
Other Operating Expenses			(79,758	)			(81,999	)			(77,772	)			2,241				-3%				(4,227	)			5%
Fee Related Earnings			346,608				326,166				282,925				20,442				6%				43,241				15%
Realized Performance Revenues			179,789				126,576				42,419				53,213				42%				84,157				198%
Realized Performance Compensation			(31,224	)			(24,301	)			(21,792	)			(6,923	)			28%				(2,509	)			12%
Realized Principal Investment Income			54,110				21,707				17,039				32,403				149%				4,668				27%
Net Realizations			202,675				123,982				37,666				78,693				63%				86,316				229%
Segment Distributable Earnings		$	549,283			$	450,148			$	320,591			$	99,135				22%			$	129,557				40%

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		Average Annual Returns (a)
		Periods Ended December 31, 2020
		One Year								Three Year								Five Year								Historical
Composite		Gross				Net				Gross				Net				Gross				Net				Gross				Net
BAAM Principal Solutions Composite (b)			5	%			5	%			5	%			4	%			5	%			5	%			7	%			6	%

(a)	Composite returns present a summarized asset-weighted return measure to evaluate the overall performance of the applicable class of Blackstone Funds.

(b)

BAAM’s Principal Solutions (“BPS”) Composite covers the period from January 2000 to present, although BAAM’s inception date is September 1990. The BPS Composite includes only BAAM-managed commingled and customized multi-manager funds and accounts. None of the other platforms/strategies managed through the Blackstone Hedge Fund Solutions Group are included in the composite (except for investments by BPS funds/accounts directly into those platforms/strategies). BAAM-managed funds in liquidation and non-fee-paying assets (in the case of net returns) are excluded from the composite. The funds/accounts that comprise the BPS Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BAAM would have made the same mix of investments in a standalone fund/account. The BPS Composite is not an investible product and, as such, the performance of the BPS Composite does not represent the performance of an actual fund or account. The historical return is from January 1, 2000.

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		Invested Performance Eligible Assets Under Management												Estimated % Above High Water Mark/Benchmark (a)
		December 31,												December 31,
		2020				2019				2018				2020				2019				2018
		(Dollars in Thousands)
Hedge Fund Solutions Managed Funds (b)		$	47,088,501			$	43,789,081			$	42,393,275				75	%			91	%			46	%

(a)

Estimated % Above High Water Mark/Benchmark represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Hedge Fund Solutions managed fund has positive investment performance relative to a benchmark, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a benchmark return, thereby resulting in an increase in Estimated % Above High Water Mark/Benchmark.

(b)

For the Hedge Fund Solutions managed funds, at December 31, 2020, the incremental appreciation needed for the 25% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $622.9 million, an increase of $118.6 million, compared to $504.3 million at December 31, 2019. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/ Benchmarks as of December 31, 2020, 49% were within 5% of reaching their respective High Water Mark.

		Year Ended December 31,												2020 vs. 2019								2019 vs. 2018
		2020				2019				2018				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	603,713			$	586,535			$	553,921			$	17,178				3%			$	32,614				6%
Transaction and Other Fees, Net			21,311				19,882				15,640				1,429				7%				4,242				27%
Management Fee Offsets			(10,466	)			(11,813	)			(12,332	)			1,347				-11%				519				-4%
Total Management Fees, Net			614,558				594,604				557,229				19,954				3%				37,375				7%
Fee Related Performance Revenues			40,515				13,764				(666	)			26,751				194%				14,430				N/M
Fee Related Compensation			(261,214	)			(229,607	)			(219,098	)			(31,607	)			14%				(10,509	)			5%
Other Operating Expenses			(165,114	)			(160,801	)			(131,200	)			(4,313	)			3%				(29,601	)			23%
Fee Related Earnings			228,745				217,960				206,265				10,785				5%				11,695				6%
Realized Performance Revenues			20,943				32,737				96,962				(11,794	)			-36%				(64,225	)			-66%
Realized Performance Compensation			(3,476	)			(12,972	)			(53,863	)			9,496				-73%				40,891				-76%
Realized Principal Investment Income			7,970				32,466				16,763				(24,496	)			-75%				15,703				94%
Net Realizations			25,437				52,231				59,862				(26,794	)			-51%				(7,631	)			-13%
Segment Distributable Earnings		$	254,182			$	270,191			$	266,127			$	(16,009	)			-6%			$	4,064				2%

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		Year Ended December 31,																								Inception to December 31, 2020
		2020								2019								2018								Total
Composite (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net
Credit Composite (b)			4	%			3	%			9	%			8	%			2	%			1	%			9	%			6	%

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(a)	Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Allocations, net of tax advances.

(b)

Effective January 1, 2020, Credit returns have been redefined to present a composite return instead of separate returns for performing credit strategies and distressed strategies. The Credit Composite now also includes the liquid credit strategy. The Credit Composite return is a weighted-average of (a) the return based on the combined quarterly cash flows of the private credit fee-earning funds and (b) the weighted-average quarterly return of all liquid credit strategy fee-earning funds. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter end are included and funds in liquidation are excluded. Credit returns exclude Blackstone Funds that were contributed to BXC as part of Blackstone’s acquisition of BXC in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by BXC subsequent to March 2008. The inception to date returns are from December 31, 2005. Prior periods have been updated to reflect this presentation.

		Invested Performance Eligible Assets Under Management												Estimated % Above High Water Mark/Hurdle
		December 31,												December 31,
		2020				2019				2018				2020				2019				2018
		(Dollars in Thousands)
Credit & Insurance		$	28,944,333			$	26,004,779			$	22,943,261				58	%			72	%			67	%

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		Year Ended December 31,
		2020				2019				2018
		(Dollars in Thousands)
Net Income Attributable to The Blackstone Group Inc.		$	1,045,363			$	2,049,682			$	1,541,788
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			1,012,924				1,339,627				1,364,989
Net Income Attributable to Non-Controlling Interests in Consolidated Entities			217,117				476,779				358,878
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			(13,898	)			(121	)			(2,104	)
Net Income			2,261,506				3,865,967				3,263,551
Provision (Benefit) for Taxes			356,014				(47,952	)			249,390
Net Income Before Provision (Benefit) for Taxes			2,617,520				3,818,015				3,512,941
Transaction-Related Charges (a)			240,729				208,613				(261,916	)
Amortization of Intangibles (b)			65,984				65,931				59,994
Impact of Consolidation (c)			(203,219	)			(476,658	)			(356,774	)
Unrealized Performance Revenues (d)			384,758				(1,126,668	)			(561,163	)
Unrealized Performance Allocations Compensation (e)			(154,516	)			540,285				319,742
Unrealized Principal Investment (Income) Loss (f)			101,742				(113,327	)			65,851
Other Revenues (g)			253,693				(79,447	)			(89,468	)
Equity-Based Compensation (h)			333,767				230,194				158,220
Administrative Fee Adjustment (i)			5,265				—				—
Taxes and Related Payables (j)			(304,127	)			(196,159	)			(153,865	)
Distributable Earnings			3,341,596				2,870,779				2,693,562
Taxes and Related Payables (j)			304,127				196,159				153,865
Net Interest (Income) Loss (k)			34,910				2,441				(21,925	)
Total Segment Distributable Earnings			3,680,633				3,069,379				2,825,502
Realized Performance Revenues (l)			(1,865,993	)			(1,660,642	)			(1,811,771	)
Realized Performance Compensation (m)			714,347				603,935				678,141
Realized Principal Investment Income (n)			(158,933	)			(224,155	)			(236,058	)
Fee Related Earnings		$	2,370,054			$	1,788,517			$	1,455,814
Adjusted EBITDA Reconciliation
Distributable Earnings		$	3,341,596			$	2,870,779			$	2,693,562
Interest Expense (o)			165,022				195,034				159,838
Taxes and Related Payables (j)			304,127				196,159				153,865
Depreciation and Amortization			35,136				26,350				23,882
Adjusted EBITDA		$	3,845,881			$	3,288,322			$	3,031,147

(a)

This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.

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(b)	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method.

(c)

This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(d)	This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

		Year Ended December 31,
		2020				2019				2018
		(Dollars in Thousands)
GAAP Unrealized Performance Allocations		$	(384,393	)		$	1,126,332			$	561,373
Segment Adjustment			(365	)			336				(210	)
Unrealized Performance Revenues		$	(384,758	)		$	1,126,668			$	561,163

(e)	This adjustment removes Unrealized Performance Allocations Compensation.

(f)

This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

		Year Ended December 31,
		2020				2019				2018
		(Dollars in Thousands)
GAAP Unrealized Principal Investment Income (Loss)		$	(114,607	)		$	215,003			$	49,917
Segment Adjustment			12,865				(101,676	)			(115,768	)
Unrealized Principal Investment Income (Loss)		$	(101,742	)		$	113,327			$	(65,851	)

(g)

This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges. For the year ended December 31, 2018, Transaction-Related Charges included $580.9 million of Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory relationship with FS Investments’ funds.

		Year Ended December 31,
		2020				2019				2018
		(Dollars in Thousands)
GAAP Other Revenue		$	(253,142	)		$	79,993			$	672,317
Segment Adjustment			(551	)			(546	)			(582,849	)
Other Revenues		$	(253,693	)		$	79,447			$	89,468

(h)	This adjustment removes Equity-Based Compensation on a segment basis.

(i)

This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

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(j)

Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. See “— Key Financial Measures and Indicators — Distributable Earnings” for the full definition of Taxes and Related Payables.

		Year Ended December 31,
		2020				2019				2018
		(Dollars in Thousands)
Taxes		$	260,569			$	140,416			$	90,022
Related Payables			43,558				55,743				63,843
Taxes and Related Payables		$	304,127			$	196,159			$	153,865

(k)

This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

		Year Ended December 31,
		2020				2019				2018
		(Dollars in Thousands)
GAAP Interest and Dividend Revenue		$	125,231			$	182,398			$	171,947
Segment Adjustment			4,881				10,195				9,816
Interest and Dividend Revenue			130,112				192,593				181,763
GAAP Interest Expense			166,162				199,648				163,990
Segment Adjustment			(1,140	)			(4,614	)			(4,152	)
Interest Expense			165,022				195,034				159,838
Net Interest Income (Loss)		$	(34,910	)		$	(2,441	)		$	21,925

(l)	This adjustment removes the total segment amount of Realized Performance Revenues.

(m)	This adjustment removes the total segment amount of Realized Performance Compensation.

(n)	This adjustment removes the total segment amount of Realized Principal Investment Income.

(o)	This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

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		December 31,
		2020				2019
		(Dollars in Thousands)
Investments of Consolidated Blackstone Funds		$	1,455,008			$	8,380,698
Equity Method Investments
Partnership Investments			4,353,234				4,035,675
Accrued Performance Allocations			6,891,262				7,180,449
Corporate Treasury Investments			2,579,716				2,419,587
Other Investments			337,922				265,273
Total GAAP Investments		$	15,617,142			$	22,281,682
Accrued Performance Allocations - GAAP		$	6,891,262			$	7,180,449
Impact of Consolidation (a)			1				384
Due From Affiliates - GAAP (b)			165,678				154,980
Less: Net Realized Performance Revenues (c)			(313,610	)			(214,662	)
Less: Accrued Performance Compensation - GAAP (d)			(2,917,609	)			(3,021,899	)
Net Accrued Performance Revenues		$	3,825,722			$	4,099,252

(a)	This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

(b)	Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)	Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.

(d)	Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.

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		Blackstone and General Partner								Senior Managing Directors and Certain Other Professionals (a)
Fund		Original Commitment				Remaining Commitment				Original Commitment				Remaining Commitment
		(Dollars in Thousands)
Real Estate
BREP V (b)		$	52,545			$	2,185			$	—			$	—
BREP VI (b)			750,000				36,809				150,000				12,270
BREP VII			300,000				33,652				100,000				11,217
BREP VIII			300,000				51,159				100,000				17,053
BREP IX			300,000				205,693				100,000				68,564
BREP Europe III (b)			100,000				13,231				35,000				4,410
BREP Europe IV			130,000				24,074				43,333				8,025
BREP Europe V			150,000				33,779				43,333				9,758
BREP Europe VI			130,000				97,024				43,333				32,341
BREP Asia I			50,000				10,335				16,667				3,445
BREP Asia II			70,707				39,063				23,569				13,021
BREDS II			50,000				6,227				16,667				2,076
BREDS III			50,000				17,659				16,667				5,886
BREDS IV			50,000				40,894				—				—
BPP			176,226				17,639				—				—
Other (c)			23,199				15,054				—				—
Total Real Estate			2,682,677				644,477				688,569				188,066
Private Equity
BCP V			629,356				30,642				—				—
BCP VI			719,718				82,829				250,000				28,771
BCP VII			500,000				41,787				225,000				18,804
BCP VIII			500,000				500,000				225,000				225,000
BEP I			50,000				4,728				—				—
BEP II			80,000				8,259				26,667				2,753
BEP III			80,000				69,798				26,667				23,266
BCEP I			120,000				42,944				18,992				6,797
BCEP II			160,000				160,000				32,640				32,640
BCP Asia			40,000				21,962				13,333				7,321
Tactical Opportunities			409,661				161,546				136,554				53,849
Strategic Partners			770,838				475,641				118,907				71,733
BIP			168,632				113,140				—				—
BXLS			110,000				85,376				26,667				23,752
BXG			64,638				59,326				21,546				19,775
Other (c)			273,139				31,438				—				—
Total Private Equity			4,675,982				1,889,416				1,121,973				514,461

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		Blackstone and General Partner								Senior Managing Directors and Certain Other Professionals (a)
Fund		Original Commitment				Remaining Commitment				Original Commitment				Remaining Commitment
		(Dollars in Thousands)
Hedge Fund Solutions
Strategic Alliance I		$	50,000			$	2,033			$	—			$	—
Strategic Alliance II			50,000				1,482				—				—
Strategic Alliance III			22,000				1,193				—				—
Strategic Holdings I			154,610				63,159				—				—
Strategic Holdings II			50,000				43,617				—				—
Other (c)			18,178				9,646				—				—
Total Hedge Fund Solutions			344,788				121,130				—				—
Credit & Insurance
Mezzanine / Opportunistic II			120,000				30,217				110,101				27,725
Mezzanine / Opportunistic III			130,783				41,513				31,081				9,866
Mezzanine / Opportunistic IV			122,000				122,000				33,333				33,333
European Senior Debt I			63,000				16,521				56,955				14,936
European Senior Debt II			93,350				78,168				24,142				20,030
Stressed / Distressed I			50,000				4,869				27,666				2,694
Stressed / Distressed II			125,000				51,695				121,050				50,061
Stressed / Distressed III			151,000				113,042				31,840				23,836
Energy I			80,000				38,026				75,555				35,913
Energy II			150,000				139,722				25,423				23,681
Credit Alpha Fund			52,102				19,752				50,624				19,192
Credit Alpha Fund II			25,500				11,396				6,034				2,696
BXSL			80,000				8,000				—				—
Other (c)			149,315				53,607				21,583				4,472
Total Credit & Insurance			1,392,050				728,528				615,387				268,435
Other
Treasury (d)			801,580				387,753				—				—
		$  9,897,077				$  3,771,304				$  2,425,929				$  970,962

(a)

For some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds. The amounts of the aggregate applicable general partner original and remaining commitment are shown in the table above. In addition, certain senior managing directors and other professionals may be required to fund a de minimis amount of the commitment in certain carry funds. We expect our commitments to be drawn down over time and to be funded by available cash and cash generated from operations and realizations. Taking into account prevailing market conditions and both the liquidity and cash or liquid investment balances, we believe that the sources of liquidity described above will be more than sufficient to fund our working capital requirements.

(b)	Effective December 31, 2020, Available Capital was updated to include uncalled capital commitments until they are legally expired, which increased Remaining Commitments.

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(c)	Represents capital commitments to a number of other funds in each respective segment.

(d)	Represents loan origination commitments, revolver commitments and capital market commitments.

Senior Notes (a)		Aggregate Principal Amount (Dollars/Euros in Thousands)
4.750%, Due 2/15/2023		$	400,000
2.000%, Due 5/19/2025		€	300,000
1.000%, Due 10/5/2026		€	600,000
3.150%, Due 10/2/2027		$	300,000
1.500%, Due 4/10/2029		€	600,000
2.500%, Due 1/10/2030		$	500,000
1.600%, Due 3/30/2031		$	500,000
6.250%, Due 8/15/2042		$	250,000
5.000%, Due 6/15/2044		$	500,000
4.450%, Due 7/15/2045		$	350,000
4.000%, Due 10/2/2047		$	300,000
3.500%, Due 9/10/2049		$	400,000
2.800%, Due 9/30/2050		$	400,000
		$	5,732,400

(a)

The Notes are unsecured and unsubordinated obligations of the Issuer and are fully and unconditionally guaranteed, jointly and severally, by The Blackstone Group Inc. and each of the Blackstone Holdings Partnerships. The Notes contain customary covenants and financial restrictions that, among other things, limit the Issuer and the guarantors’ ability, subject to certain exceptions, to incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The Notes also contain customary events of default. All or a portion of the Notes may be redeemed at our option, in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the Notes are subject to repurchase at the repurchase price as set forth in the Notes.

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		Repurchase Agreements				Securities Sold, Not Yet Purchased
		(Dollars in Millions)
Balance, December 31, 2020		$	76.8			$	51.0
Balance, December 31, 2019		$	154.1			$	75.5
Year Ended December 31, 2020
Average Daily Balance		$	94.2			$	56.1
Maximum Daily Balance		$	152.8			$	75.7

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•

Determining whether our management fees, Incentive Fees or Performance Allocations represent variable interests – We make judgments as to whether the fees we earn are commensurate with the level of effort required for those fees and at market rates. In making this judgment, we consider, among other things, the extent of third party investment in the entity and the terms of any other interests we hold in the VIE.

•

Determining whether kick-out rights are substantive – We make judgments as to whether the third party investors in a partnership entity have the ability to remove the general partner, the investment manager or its equivalent, or to dissolve (liquidate) the partnership entity, through a simple majority vote. This includes an evaluation of whether barriers to exercise these rights exist.

•

Concluding whether Blackstone has an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE – As there is no explicit threshold in GAAP to define “potentially significant,” management must apply judgment and evaluate both quantitative and qualitative factors to conclude whether this threshold is met.

•

0.25% to 1.75% of committed capital or invested capital during the investment period,

•

0.25% to 1.50% of invested capital, committed capital or investment fair value subsequent to the investment period for private equity and real estate funds, and

•

0.75% to 1.50% of invested capital or net asset value subsequent to the investment period for certain of our hedge fund solutions and credit-focused funds.

•

0.24% to 1.50% of net asset value.

•

0.24% to 1.50% of net asset value or total assets.

•

0.65% to 2.00% of invested capital, net operating income or net asset value.

•

0.25% to 1.50% of net asset value.

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•

0.40% to 0.50% of the aggregate par amount of collateral assets, including principal cash.

•

0.25% to 1.20% of total assets or net asset value.

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•

Note 9. “Variable Interest Entities,” and

•

Note 19. “Commitments and Contingencies — Commitments — Investment Commitments” and “— Contingencies — Guarantees.”

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Contractual Obligations		2021				2022-2023				2024-2025				Thereafter				Total
		(Dollars in Thousands)
Operating Lease Obligations (a)		$	93,815			$	212,647			$	185,136			$	186,710			$	678,308
Purchase Obligations			63,708				45,157				8,736				—				117,601
Blackstone Issued Notes and Revolving Credit Facility (b)			—				400,000				366,480				4,965,920				5,732,400
Interest on Blackstone Issued Notes and Revolving Credit Facility (c)			168,004				326,507				298,007				2,090,082				2,882,600
Blackstone Funds Debt Obligations Payable			99				—				—				—				99
Blackstone Funds Capital Commitments to Investee Funds (d)			140,185				—				—				—				140,185
Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e)			51,366				98,321				89,940				617,848				857,475
Unrecognized Tax Benefits, Including Interest and Penalties (f)			1,055				—				—				—				1,055
Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g)			3,771,304				—				—				—				3,771,304
Consolidated Contractual Obligations			4,289,536				1,082,632				948,299				7,860,560				14,181,027
Blackstone Funds Debt Obligations Payable			(99	)			—				—				—				(99	)
Blackstone Funds Capital Commitments to Investee Funds (d)			(140,185	)			—				—				—				(140,185	)
Blackstone Operating Entities Contractual Obligations		$	4,149,252			$	1,082,632			$	948,299			$	7,860,560			$	14,040,743

(a)

We lease our primary office space and certain office equipment under agreements that expire through 2030. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses, and utilities. To the extent these are fixed or determinable they are included in the table above. The table above includes operating leases that are recognized as Operating Lease Liabilities, short-term leases that are not recorded as Operating Lease Liabilities and leases that have been signed but not yet commenced which are not recorded as Operating Lease Liabilities. The amounts in this table are presented net of contractual sublease commitments.

(b)	Represents the principal amount due on the senior notes we issued. As of December 31, 2020, we had no outstanding borrowings under our revolver.

(c)

Represents interest to be paid over the maturity of our senior notes and borrowings under our revolving credit facility which has been calculated assuming no pre-payments are made and debt is held until its final maturity date. These amounts exclude commitment fees for unutilized borrowings under our revolver.

(d)	These obligations represent commitments of the consolidated Blackstone Funds to make capital contributions to investee funds and portfolio companies. These amounts are generally due on demand and are therefore presented in the less than one year category.

(e)

Represents obligations by Blackstone’s corporate subsidiary to make payments under the Tax Receivable Agreements to certain non-controlling interest holders for the tax savings realized from the taxable purchases of their interests in connection with the reorganization at the time of Blackstone’s IPO in 2007 and subsequent purchases. The obligation represents the amount of the payments currently expected to be made, which are dependent on the tax savings actually realized as determined annually without discounting for the timing of the payments. As required by GAAP, the amount of the obligation included in the Consolidated Financial Statements and shown in Note 18. “Related Party Transactions” (see “—Item 8. Financial Statements and Supplementary Data”) differs to reflect the net present value of the payments due to certain non-controlling interest holders.

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Item 8.

Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm			147
Consolidated Statements of Financial Condition as of December 31, 2020 and 2019			150
Consolidated Statements of Operations for the Years Ended December 31, 2020, 2019 and 2018			152
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020, 2019 and 2018			153
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2020, 2019 and 2018			154
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 2019 and 2018			157
Notes to Consolidated Financial Statements			159

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•

We tested the design, implementation, and operating effectiveness of controls, including those related to management’s review of the techniques and assumptions used in the determination of fair value.

•

We tested management’s assumptions through independent analysis and comparison to external sources.

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•

We utilized our internal fair value specialists to assist in the evaluation of management’s valuation methodologies and assumptions (or “inputs”). With the assistance of our internal fair value specialists, we evaluated certain of these inputs (e.g., guideline public companies, guideline transactions, valuation multiples, discount rates, yields, cap rates, exit multiples, and long-term growth rates). Our fair value specialist procedures included testing the underlying source information of the assumptions, as well as developing a range of independent estimates and comparing those to the inputs used by management.

•

We evaluated the impact of current market events and conditions, including the effect of the COVID-19 pandemic, as well as relevant comparable transactions, on the valuation techniques and assumptions used by management (e.g., individual sector performance, occupancy rates, commodity prices, and interest rate environment).

•

We inspected industry reports for each industry in the portfolio to evaluate the consistency of current valuations with expected industry performance and inclusion of significant economic or industry events.

•

We evaluated management’s ability to accurately estimate fair value by comparing previous estimates of fair value to investment transactions with third parties.

/s/ DELOITTE & TOUCHE LLP

New York, New York

February 26, 2021

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Borrowings through the consolidated CLO vehicles consisted of the following:

		December 31,
		2020												2019
		Borrowing Outstanding				Effective Interest Rate				Weighted- Average Remaining Maturity in Years				Borrowing Outstanding				Effective Interest Rate				Weighted- Average Remaining Maturity in Years (a)
Senior Secured Notes		$	—				—				—			$	6,527,800				3.55	%			3.5
Subordinated Notes			—				—				—				331,735				(b	)			N/A
		$	—											$	6,859,535

(a)	Weighted-Average Remaining Maturity in Years for Senior Secured Notes includes consideration of pre-payment options.

(b)	The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.

Senior Secured Notes and Subordinated Notes comprise the following amounts:

		December 31,
		2020												2019
						Amounts Due to Non- Consolidated Affiliates												Amounts Due to Non- Consolidated Affiliates
		Fair Value				Borrowing Outstanding				Fair Value				Fair Value				Borrowing Outstanding				Fair Value
Senior Secured Notes		$	—			$	—			$	—			$	6,512,733			$	57,750			$	57,717
Subordinated Notes			—				—				—				45,273				44,734				20,535
		$	—			$	—			$	—			$	6,558,006			$	102,484			$	78,252

The Loans Payable of the consolidated CLO vehicles are collateralized by assets held by each respective CLO vehicle and assets of one vehicle may not be used to satisfy the liabilities of another. This collateral consisted of Cash, Corporate Loans, Corporate Bonds and other securities. As of December 31, 2019, the fair value of the consolidated CLO assets was $ 7.2 billion.

As part of Blackstone’s borrowing arrangements, Blackstone is subject to certain financial and operating covenants. Blackstone was in compliance with all of its loan covenants as of December 31, 2020.

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Scheduled principal payments for borrowings at December 31, 2020 were as follows:

		Operating Borrowings				Blackstone Fund Facilities				Total Borrowings
2021		$	—			$	99			$	99
2022			—				—				—
2023			400,000				—				400,000
2024			—				—				—
2025			366,480				—				366,480
Thereafter			4,965,920				—				4,965,920
		$	5,732,400			$	99			$	5,732,499

14.

Leases

Blackston

e

enters into

non-cancelable

lease and sublease agreements primarily for office space, which expire on various dates through 2030. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord, and are recognized on a straight-line basis over the term of the lease agreement. Rent expense includes base contractual rent and variable costs such as building expenses, utilities, taxes and insurance. At December 31, 2020 and 2019, Blackstone maintained irrevocable standby letters of credit and cash deposits as security for the leases of $ 8.8 million and $ 7.5 million, respectively. As of December 31, 2020, the weighted-average remaining lease term was 6.6 years, and the weighted-average discount rate was 2.0 %.

The components of lease expense were as follows:

		Year Ended December 31,
		2020				2019
Operating Lease Cost (a)
Straight-Line Lease Cost (b)		$	107,970			$	90,640
Variable Lease Cost			15,426				14,574
Sublease Income			( 2,191	)			( 796	)
		$	121,205			$	104,418

(a)	Rent expense for the year ended December 31, 2018, was $ 109.9 million.

(b)	Straight-line lease cost includes short-term leases, which are immaterial.

Supplemental cash flow information related to leases were as follows:

		Year Ended December 31,
		2020				2019
Operating Cash Flows for Operating Leases		$	102,364			$	94,854
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities			153,433				10,053

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Name and Principal Position		Year				Salary				Bonus (a)				Stock Awards (b)				All Other Compensation (c)				Total
Stephen A. Schwarzman Chairman and Chief Executive Officer			2020			$	350,000			$	—			$	—			$	86,030,331			$	86,380,331
			2019			$	350,000			$	—			$	—			$	56,723,953			$	57,073,953
			2018			$	350,000			$	—			$	—			$	68,797,028			$	69,147,028
Jonathan D. Gray President and Chief Operating Officer			2020			$	350,000			$	4,650,000			$	36,838,755			$	81,366,606			$	123,205,361
			2019			$	350,000			$	10,000,000			$	33,006,635			$	55,637,598			$	98,994,233
			2018			$	350,000			$	10,000,000			$	—			$	47,470,560			$	57,820,560
Hamilton E. James Executive Vice Chairman			2020			$	350,000			$	19,052,642			$	—			$	45,373,247			$	64,775,889
			2019			$	350,000			$	27,347,258			$	—			$	28,265,429			$	55,962,687
			2018			$	350,000			$	28,785,507			$	—			$	37,108,062			$	66,243,569
Michael S. Chae Chief Financial Officer			2020			$	350,000			$	4,650,000			$	12,160,258			$	10,825,066			$	27,985,324
			2019			$	350,000			$	5,713,868			$	3,960,195			$	5,556,311			$	15,580,374
			2018			$	350,000			$	5,702,045			$	1,398,751			$	6,865,619			$	14,316,416
John G. Finley Chief Legal Officer			2020			$	350,000			$	3,737,919			$	6,849,868			$	2,341,112			$	13,278,899
			2019			$	350,000			$	3,691,801			$	4,564,697			$	1,383,733			$	9,990,231
			2018			$	350,000			$	3,584,415			$	2,143,429			$	1,627,559			$	7,705,403

(a)	The amounts reported in this column reflect the annual cash bonus payments made for performance in the indicated year.

(b)

The reference to “stock” in this table refers to deferred restricted Blackstone Holdings Partnership Units or deferred restricted common stock units. The amounts reported in this column represent the grant date fair value of stock awards granted for financial statement reporting purposes in accordance with GAAP pertaining to equity-based compensation. The assumptions used in determining the grant date fair value are set forth in Note 17. “Equity-Based Compensation” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data.”

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(c)

Amounts reported for 2020 include distributions, whether in cash or in-kind, in respect of carried interest or incentive fee allocations relating to our Performance Plans to the named executive officer in 2020 as follows: $78,440,323 for Mr. Schwarzman, $71,809,655 for Mr. Gray, $42,452,803 for Mr. James, $10,320,059 for Mr. Chae and $2,139,097 for Mr. Finley. Any in-kind distributions in respect of carried interest are reported based on the market value of the securities distributed as of the date of distribution. For 2020, Messrs. Schwarzman, Gray, James and Chae were the only named executive officers who received such in-kind distributions. We have determined to present compensation relating to carried interest and incentive fees within the Summary Compensation Table in the year in which such compensation is paid to the named executive officer under the terms of the relevant Performance Plan. Accordingly, the amounts presented in the table differ from the compensation expense recorded by us on an accrual basis for such year in respect of carried interest and incentive fees allocable to a named executive officer, which accrued amounts for 2020 are separately disclosed in this footnote to the Summary Compensation Table. We believe that the presentation of the actual amounts of carried interest- and incentive fee-related compensation paid to a named executive officer during the year, instead of the amounts of compensation expense we have recorded on an accrual basis, most appropriately reflects the actual compensation received by the named executive officer and represents the amount most directly aligned with the named executive officer’s actual performance. By contrast, the amount of compensation expense accrued in respect of carried interest and incentive fees allocable to a named executive officer can be highly volatile from year to year, with amounts accrued in one year being reversed in a following year, and vice versa, causing such amounts to be less useful as a measure of the compensation actually earned by a named executive officer in any particular year.

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Name		Grant Date				All Other Stock Awards: Number of Shares of Stock or Units				Grant Date Fair Value of Stock and Option Awards
Stephen A. Schwarzman			—				—			$	—
Jonathan D. Gray			4/1/2020				757,217	(a)		$	30,894,454
			1/8/2021				94,504	(b)		$	5,944,302
Hamilton E. James			—				—			$	—
Michael S. Chae			4/1/2020				216,348	(a)		$	8,826,998
			1/8/2021				52,993	(b)		$	3,333,260
John G. Finley			4/1/2020				108,174	(a)		$	4,413,499
			1/8/2021				38,734	(b)		$	2,436,369

(a)	Represents deferred restricted common stock units granted under our 2007 Equity Incentive Plan and reflects 2019 performance.

(b)

Represents deferred restricted common stock units granted in 2021 under the Bonus Deferral Plan for 2020 performance and, with respect to Mr. Gray and Mr. Chae, deferred restricted common stock units granted in 2021 in connection with the deferral amount increase for 2020 described above. These grants are reflected in the “Stock Awards” column of the Summary Compensation Table in 2020.

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Portion of Annual Incentive		Marginal Deferral Rate Applicable to Such Portion				Effective Deferral Rate for Entire Annual Bonus (a)
$0 - 100,000			0%				0.0%
$100,001 - 200,000			15%				7.5%
$200,001 - 500,000			20%				15.0%
$500,001 - 750,000			30%				20.0%
$750,001 - 1,250,000			40%				28.0%
$1,250,001 - 2,000,000			45%				34.4%
$2,000,001 - 3,000,000			50%				39.6%
$3,000,001 - 4,000,000			55%				43.4%
$4,000,001 - 5,000,000			60%				46.8%
$5,000,000 +			65%				52.8%

(a)	Effective deferral rates are shown for illustrative purposes only and are based on an annual cash payment equal to the maximum amount in the range shown in the far left column (which is assumed to be $7,500,000 for the last range shown).

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		Stock Awards (a)
Name		Number of Shares or Units of Stock That Have Not Vested				Market Value of Shares or Units of Stock That Have Not Vested (b)
Stephen A. Schwarzman			—			$	—
Jonathan D. Gray			1,617,918			$	104,676,763
Hamilton E. James			—			$	—
Michael Chae			1,031,090			$	66,723,726
John G. Finley (c)			294,855			$	19,035,571

(a)

The references to “stock” or “shares” in this table refer to unvested deferred restricted Blackstone Holdings Partnership Units and unvested deferred restricted common stock units (including deferred restricted common stock units granted under the Bonus Deferral Plan to Messrs. Gray, Chae and Finley in 2021 in respect of 2020 performance and, with respect to Mr. Gray and Mr. Chae, deferred restricted common stock units granted in 2021 in connection with the deferral amount increase for 2020 described above). The vesting terms of these awards are described under the caption “Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards in 2020” above.

(b)

The dollar amounts shown under this column were calculated by multiplying the number of unvested deferred restricted Blackstone Holdings Partnership Units or unvested deferred restricted common stock units held by the named executive officer by the closing market price of $64.81 per share of our common stock on December 31, 2020, the last trading day of 2020, other than the deferred restricted common stock units granted in 2020 in respect of 2020 performance, which are valued as of the date of their grant.

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(c)

Amounts reported for Mr. Finley include (1) 23,621 deferred restricted Blackstone Holdings Partnership Units, which reflects 50% of the unvested deferred restricted Blackstone Holdings Partnership Units that have been granted to Mr. Finley as discretionary equity awards and (2) 54,087 deferred restricted common stock units which reflects 50% of the unvested deferred restricted common stock units that have been granted to Mr. Finley as discretionary equity awards and (3) 139,440 deferred restricted common stock units granted pursuant to the Bonus Deferral Plan, which are considered vested and undelivered for financial statement reporting purposes in accordance with GAAP pertaining to equity-based compensation due to Mr. Finley’s retirement eligibility. Upon retirement the deferred restricted Blackstone Holdings Partnership Units are scheduled to vest and be delivered over the vesting period and the deferred restricted common stock units are scheduled to be delivered in equal annual installments over the three year deferral period, in each case subject to forfeiture if the named executive officer violates any applicable provision of his employment agreement or engages in any competitive activity (as such term is defined in the applicable award agreement or the Bonus Deferral Plan, as applicable).

		Stock Awards (a)
Name		Number of Shares Acquired on Vesting				Value Realized on Vesting (b)
Stephen A. Schwarzman			—			$	—
Jonathan D. Gray			149,699			$	8,374,162
Hamilton E. James			—			$	—
Michael S. Chae			185,417			$	10,404,956
John G. Finley			144,082			$	8,077,896

(a)	The references to “stock” or “shares” in this table refer to deferred restricted Blackstone Holdings Partnership Units and our deferred restricted common stock units.

(b)	The value realized on vesting is based on the closing market prices of our common stock on the day of vesting.

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•

engage in any business activity in which we operate, including any competitive business,

•

render any services to any competitive business, or

•

acquire a financial interest in or become actively involved with any competitive business (other than as a passive investor holding minimal percentages of the stock of public companies).

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Covenant		Stephen A. Schwarzman		Other Senior Managing Directors		Other Contracting Employees
Non-competition		Two years after termination of employment.		One year after termination of employment (which may be extended to 18 months in Blackstone’s sole discretion).		Generally between 90 days and nine months after termination of employment.
Non-solicitation of Blackstone employees		Two years after termination of employment.		Two years after termination of employment.		Generally one year after termination of employment.
Non-solicitation of Blackstone clients or investors		Two years after termination of employment.		One year after termination of employment (which may be extended to 18 months in Blackstone’s sole discretion).		Generally between six months and one year after termination of employment.
Non-interference with business relationships		Two years after termination of employment.		One year after termination of employment (which may be extended to 18 months in Blackstone’s sole discretion).		Generally between six months and one year after termination of employment.

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Name		Fees Earned or Paid in Cash				Stock Awards (a) (b)				Total
Kelly A. Ayotte		$	150,000			$	207,246			$	357,246
Joseph P. Baratta (c)		$	—			$	—			$	—
James W. Breyer		$	150,000			$	212,558			$	362,558
Reginald J. Brown (d)		$	44,423			$	210,300			$	254,723
Sir John Hood		$	150,000			$	215,809			$	365,809
Rochelle B. Lazarus		$	150,000			$	209.904			$	359,904
Jay O. Light		$	200,000			$	210,642			$	410,642
The Right Honorable Brian Mulroney		$	150,000			$	214,288			$	364,288
William G. Parrett		$	180,000			$	217,099			$	397,099
Ruth Porat (e)		$	77,308			$	214,384			$	291,692

(a)

The references to “stock” in this table refer to our deferred restricted common stock units. Amounts for 2020 represent the grant date fair value of stock awards granted in the year, computed in accordance with GAAP, pertaining to equity-based compensation. The assumptions used in determining the grant date fair value are set forth in Note 16. “Earnings Per Share and Stockholder’s Equity” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data.” These deferred restricted common stock units vest, and the underlying shares of common stock will be delivered, on the first anniversary of the date of the grant, subject to the outside director’s continued service on our board of directors.

(b)

Each of our non-employee directors was granted deferred restricted common stock units upon appointment as a director. In 2020, in connection with the anniversary of his or her initial grant, each of the following directors was granted deferred restricted common stock units: Ms. Ayotte — 4,135; Mr. Breyer — 3,898; Mr. Hood —4,265 units; Ms. Lazarus — 3,933 units; Mr. Light — 3,997 units; Mr. Mulroney — 3,632 units; and Mr. Parrett — 3,874 units; units. In addition, Mr. Brown and Ms. Porat were granted 3,953 and 3,746 deferred restricted common stock units, respectively, upon their respective appointments as a director in 2020. The amounts of our non-employee directors’ compensation were approved by our board of directors upon the recommendation of our founder following his review of directors’ compensation paid by comparable companies.

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		Stock Awards (1)
Name		Number of Shares or Units of Stock That Have Not Vested				Market Value of Shares or Units of Stock That Have Not Vested (2)
Kelly A. Ayotte			4,135			$	267,989
James W. Breyer			3,898			$	252,629
Reginald J. Brown			3,953			$	256,194
Sir John Hood			4,265			$	276,415
Rochelle B. Lazarus			3,933			$	254,898
Jay O. Light			3,997			$	259,046
The Right Honorable Brian Mulroney			3,632			$	235,390
William G. Parrett			3,874			$	251,074
Ruth Porat			3,746			$	242,778

(1)

The references to “stock” or “shares” in this table refer to our deferred restricted common stock units.

(2)

The dollar amounts shown in this column were calculated by multiplying the number of unvested deferred restricted common stock units held by the director by the closing market price of $64.81 per share of our common stock on December 31, 2020, the last trading day of 2020.

(c)	Mr. Baratta is an employee and no additional remuneration is paid to him for his service as a director. Mr. Baratta’s employee compensation is discussed in “—Item 13. Certain Relationships and Related Transactions, and Director Independence.”

(d)	Mr. Brown was appointed to the board of directors on September 15, 2020. Therefore, the amounts reported for Mr. Brown reflect the pro-rated portion of his annual cash retainer earned from the date of his appointment.

(e)	Ms. Porat was appointed to the board of directors on June 25, 2020. Therefore, the amounts reported for Ms. Porat reflect the pro-rated portion of her annual cash retainer earned from the date of her appointment.

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

•

each person known to us to beneficially own 5% of any class of the outstanding voting securities of The Blackstone Group Inc.,

•

each member of our board of directors,

•

each of our named executive officers, and

•

all our directors and executive officers as a group.

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		Common Stock, Beneficially Owned								Blackstone Holdings Partnership Units Beneficially Owned (a)
Name of Beneficial Owner		Number				% of Class				Number				% of Class
5% Stockholders
The Vanguard Group, Inc. (b)			37,271,096				5.5	%			—				—
Wellington Management Company LLP (c)			42,735,373				6.2	%			—				—
Directors and Executive Officers (d)(e)
Stephen A. Schwarzman (f)(g)			—				—				231,924,793				49.7	%
Jonathan D. Gray (g)			495,911				*				40,585,300				8.7	%
Hamilton E. James (g)			2,870,497				*				26,030,300				5.6	%
Michael S. Chae (g)			60,891				*				5,958,726				1.3	%
John G. Finley (g)			167,575				*				432,535				*
Kelly A. Ayotte			5,392				*				—				—
Joseph P. Baratta			246,719				*				5,115,291				1.1	%
James W. Breyer			19,189				*				—				—
Reginald J. Brown			—				—				—				—
Sir John Hood			7,103				*				—				—
Rochelle B. Lazarus (g)			47,106				*				—				—
Jay O. Light			62,468				*				—				—
The Right Honorable Brian Mulroney			169,375				*				—				—
William G. Parrett (g)(h)			89,171				*				—				—
Ruth Porat			—				—				—				—
All executive officers and directors as a group (15 persons)			4,241,397				*				310,046,945				66.4	%

*	Less than one percent

(a)

Subject to certain requirements and restrictions, the partnership units of Blackstone Holdings are exchangeable for shares of our common stock on a one-for-one basis. A Blackstone Holdings limited partner must exchange one partnership unit in each of the five Blackstone Holdings Partnerships to effect an exchange for a share of our common stock. See “— Item 13. Certain Relationships and Related Transactions, and Director Independence — Exchange Agreement.” Beneficial ownership of Blackstone Holdings Partnership Units reflected in this table has not been also reflected as beneficial ownership of our shares of common stock for which such units may be exchanged.

(b)	Reflects shares of common stock beneficially owned by The Vanguard Group, Inc. and its subsidiaries based on the amended Schedule 13G filed by The Vanguard Group, Inc. on February 10, 2021. The address of The Vanguard Group, Inc. is 100 Vanguard Boulevard, Malvern, Pennsylvania 19355.

(c)

Reflects shares of common stock beneficially owned by the Wellington Management Company LLP and its subsidiaries based on the Schedule 13G filed by the Wellington Management Company LLP on February 3, 2021. The address of the Wellington Management Company LLP is 280 Congress Street Boston, MA 02210.

(d)

The shares of common stock and Blackstone Holdings Partnership Units beneficially owned by the directors and executive officers reflected above do not include the following number of securities that will be delivered to the respective individual more than 60 days after February 19, 2021: Mr. Gray - 708,601 deferred restricted Blackstone Holdings Partnership Units and 851,721 deferred restricted common units; Mr. Chae - 701,830 deferred restricted Backstone Holdings Partnership Units and 304,249 deferred restricted common units; Mr. Finley - 47,241 deferred restricted Blackstone Holdings Partnership Units and 196,562 deferred restricted

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common units; Mr. Baratta – 2,107,434 Blackstone Holdings Partnership Units and 953,284 deferred restricted common units; Ms. Ayotte - 4,135 deferred restricted common units; Mr. Mulroney - 3,632 deferred restricted common units; Mr. Parrett - 3,874 deferred restricted common units; Ms. Lazarus - 3,933 deferred restricted common units; Mr. Light - 3,997 deferred restricted common units; Mr. Breyer - 3,898 deferred restricted common units Mr. Hood - 4,265 deferred restricted common units; Ms. Porat - 3,746 deferred restricted common units; and Mr. Brown - 3,953 deferred restricted common units.

(e)

The Blackstone Holdings Partnership Units shown in the table above include the following number of vested units being held back under our minimum retained ownership requirements: Mr. Schwarzman - 21,437,759 Blackstone Holdings Partnership Units; Mr. James - 14,648,744 Blackstone Holdings Partnership Units; Mr. Gray - 11,477,971 Blackstone Holdings Partnership Units; Mr. Chae - 3,263,984 Blackstone Holdings Partnership Units; and Mr. Finley - 187,881 Blackstone Holdings Partnership Units and Mr. Baratta – 3,519,039 Blackstone Holdings Partnership Units and 246,050 deferred restricted common units.

(f)

On those few matters that may be submitted for a vote of the sole holder of the Series I preferred stock, Blackstone Partners L.L.C., an entity owned by senior managing directors of Blackstone and controlled by Mr. Schwarzman, is entitled to an aggregate number of votes on any matter that may be submitted for a vote of our common stock that is equal to the aggregate number of vested and unvested Blackstone Holdings Partnership Units held by the limited partners of Blackstone Holdings on the relevant record date and entitles it to participate in the vote on the same basis as our common stock. Our senior managing directors have agreed in the limited liability company agreement of Blackstone Partners L.L.C. that our founder, Mr. Schwarzman, will have the power to determine how the Series I preferred stock held by Blackstone Partners L.L.C. will be voted. Following the withdrawal, death or disability of Mr. Schwarzman (and any successor founder), this power will revert to the members of Blackstone Partners L.L.C. holding a majority in interest in that entity. The limited liability company agreement of Blackstone Partners L.L.C. provides that at such time as Mr. Schwarzman should cease to be a founding member, Jonathan D. Gray will thereupon succeed Mr. Schwarzman as the sole founding member of Blackstone Partners L.L.C. If Blackstone Partners L.L.C. directs us to do so, we will issue shares of Series I preferred stock to each of the limited partners of Blackstone Holdings, whereupon each holder of Series I preferred stock will be entitled to a number of votes that is equal to the number of vested and unvested Blackstone Holdings Partnership Units held by such Series I preferred stockholder on the relevant record date.

(g)

The Blackstone Holdings Partnership Units shown in the table above for such named executive officers and directors include (a) the following units held for the benefit of family members with respect to which the named executive officer or director, as applicable, disclaims beneficial ownership: Mr. Schwarzman - 2,007,650 units held in various trusts for which Mr. Schwarzman is the investment trustee, Mr. James - 7,307,207 units held in various trusts for which Mr. James and his brother are trustees (but Mr. James does not have or share investment control with respect to the units), Mr. Gray - 10,549,315 units held in trusts for which Mr. Gray is the investment trustee, Mr. Chae - 1,150,070 units held in a trust for which Mr. Chae is the investment trustee, and Mr. Baratta – 142,237 units held in a trust for which Mr. Baratta is the investment trustee (b) the following units held in grantor retained annuity trusts for which the named executive officer or director, as applicable, is the investment trustee: Mr. Schwarzman - 2,677,276 units and Mr. Gray - 9,375,751, (c) the following units held by a corporation for which the named executive officer is a controlling shareholder: Mr. Schwarzman - 1,438,529 units, and Mr. Baratta – 4,541,950 units and (d) 5,000,000 units that have been pledged by Mr. Schwarzman as security to a third party to secure payment for a loan made by such third party. Mr. Schwarzman also directly, or through a corporation for which he is the controlling shareholder, beneficially owns an additional 364,278 partnership units in each of Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. In addition, with respect to Mr. Schwarzman, the above table excludes partnership units of Blackstone Holdings held by his children or in trusts for the benefit of his family as to which he has no voting or investment control. The Blackstone common stock shown in the table above for each named executive officer and director include (a) the following shares held for the benefit of family members with respect to which the named executive officer or director, as applicable, disclaims beneficial ownership: Mr. James - 20,497 shares held in a family limited liability company and 1,850,000 shares held in a trust for the benefit of family members of which he is a trustee; Mr. Finley - 43,523 shares held in a family limited liability company and 4,000 shares held in a trust for the benefit of his spouse of which he is a trustee, and Ms. Lazarus - 2,950 shares held in a trust for the benefit of family members over which she shares investment control and (b) 11,000 shares held in a trust for the benefit of Mr. Finley and his family of which he is a trustee.

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(h)	The common stock shown in the table above for Mr. Parrett includes 13,000 shares that are pledged to a third party to secure payment for a loan.

		Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)				Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights				Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (b)
Equity Compensation Plans Approved by Security Holders			56,648,349				—				156,414,865
Equity Compensation Plans Not Approved by Security Holders			—				—				—
			56,648,349				—				156,414,865

(a)	Reflects the outstanding number of our deferred restricted common stock units and deferred restricted Blackstone Holdings Partnership Units granted under the 2007 Equity Incentive Plan as of December 31, 2020.

(b)

The aggregate number of our common stock and Blackstone Holdings Partnership Units covered by the 2007 Equity Incentive Plan is increased on the first day of each fiscal year during its term by a number of shares of common stock equal to the positive difference, if any, of (a) 15% of the aggregate number of shares of our common stock and Blackstone Holdings Partnership Units outstanding on the last day of the immediately preceding fiscal year (excluding Blackstone Holdings Partnership Units held by The Blackstone Group Inc. or its wholly owned subsidiaries) minus (b) the aggregate number of shares of our common stock and Blackstone Holdings Partnership Units covered by the 2007 Equity Incentive Plan as of such date (unless the administrator of the 2007 Equity Incentive Plan should decide to increase the number of shares of our common stock and Blackstone Holdings Partnership Units covered by the plan by a lesser amount). As of January 1, 2021, pursuant to this formula, 171,130,080 shares of common stock, which is equal to 0.15 times the number of shares of our common stock and Blackstone Holdings Partnership Units outstanding on December 31, 2020, were available for issuance under the 2007 Equity Incentive Plan. We have filed a registration statement and intend to file additional registration statements on Form S-8 under the Securities Act to register shares of common stock covered by the 2007 Equity Incentive Plan (including pursuant to automatic annual increases). Any such Form S-8 registration statement will automatically become effective upon filing. Accordingly, shares of common stock registered under such registration statement will be available for sale in the open market.

Item 13.

Certain Relationships and Related Transactions, and Director Independence

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Item 14.

Principal Accounting Fees and Services

		Year Ended December 31, 2020
		The Blackstone Group Inc.				Blackstone Entities, Principally Fund Related (c)				Blackstone Funds, Transaction Related (d)				Total
		(Dollars in Thousands)
Audit Fees		$	9,720	(a)		$	43,444			$	—			$	53,164
Audit-Related Fees			445				1,700				16,257				18,402
Tax Fees			972	(b)			71,680				19,748				92,400
All Other Fees			—				—				—				—
		$	11,137			$	116,824			$	36,005			$	163,966

		Year Ended December 31, 2019
		The Blackstone Group Inc.				Blackstone Entities, Principally Fund Related (c)				Blackstone Funds, Transaction Related (d)				Total
		(Dollars in Thousands)
Audit Fees		$	10,185	(a)		$	41,395			$	—			$	51,580
Audit-Related Fees			—				2,946				19,257				22,203
Tax Fees			1,222	(b)			63,424				10,873				75,519
All Other Fees			—				172				—				172
		$	11,407			$	107,937			$	30,130			$	149,474

(a)

Audit Fees consisted of fees for (1) the audits of our consolidated financial statements in our Annual Report on Form 10-K and services attendant to, or required by, statute or regulation, (2) reviews of the interim condensed consolidated financial statements included in our quarterly reports on Form 10-Q, and (3) consents and other services related to SEC and other regulatory filings.

(b)	Tax Fees consisted of fees for services rendered for tax compliance and tax planning and advisory services.

(c)	The Deloitte Entities also provide audit, audit-related and tax services (primarily tax compliance and related services) to certain Blackstone Funds and other corporate entities.

(d)

Audit-Related and Tax Fees included merger and acquisition due diligence services provided in connection with potential acquisitions of portfolio companies for investment purposes primarily to certain private equity and real estate funds managed by Blackstone in its capacity as the general partner. In addition, the Deloitte Entities provide audit, audit-related, tax and other services to the portfolio companies, which are approved directly by the portfolio company’s management and are not included in the amounts presented here.

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Item 15.

Exhibits, Financial Statement Schedules

(a)	The following documents are filed as part of this annual report.

1.	Financial Statements:

2.	Financial Statement Schedules:

3.

Exhibits:

Exhibit Number		Exhibit Description
3.1*		Amended and Restated Certificate of Incorporation of The Blackstone Group Inc.
3.2*		Amended and Restated Bylaws of The Blackstone Group Inc.
4.1*		Description of Capital Stock.
4.2		Indenture dated as of August 20, 2009 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K dated August 20, 2009).
4.3		Third Supplemental Indenture dated as of August 17, 2012 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 17, 2012).
4.4		Form of 4.750% Senior Note due 2023 (included in Exhibit 4.3 hereto).
4.5		Fourth Supplemental Indenture dated as of August 17, 2012 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 17, 2012).
4.6		Form of 6.250% Senior Note due 2042 (included in Exhibit 4.5 hereto).
4.7		Fifth Supplemental Indenture dated as of April 7, 2014 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 7, 2014).
4.8		Form of 5.000% Senior Note due 2044 (included in Exhibit 4.7 hereto).
4.9		Sixth Supplemental Indenture dated as of April 27, 2015 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 27, 2015).

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4.10		Form of 4.450% Senior Note due 2045 (included in Exhibit 4.9 hereto).
4.11		Seventh Supplemental Indenture dated as of May 19, 2015 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., The Bank of New York Mellon, as trustee, and The Bank of New York Mellon, London Branch, as paying agent (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 19, 2015).
4.12		Form of 2.000% Senior Note due 2025 (included in Exhibit 4.11 hereto).
4.13		Guarantor Joinder Agreement dated as of October 1, 2015 among Blackstone Holdings Finance Co. L.L.C., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., Blackstone Holdings AI L.P. and Citibank, N.A., as administrative agent (incorporated herein by reference to Exhibit 4.16 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
4.14		Eighth Supplemental Indenture dated as of October 1, 2015 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., Blackstone Holdings AI L.P. and The Bank of New York Mellon, as Trustee (incorporated herein by reference to Exhibit 4.17 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
4.15		Ninth Supplemental Indenture dated as of October 5, 2016 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., The Bank of New York Mellon, as trustee, and The Bank of New York Mellon, London Branch, as paying agent (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 5, 2016).
4.16		Form of 1.000% Senior Note due 2026 (included in Exhibit 4.15 hereto).
4.17		Tenth Supplemental Indenture dated as of October 2, 2017 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 2, 2017).
4.18		Form of 3.150% Senior Note due 2027 (included in Exhibit 4.17 hereto).
4.19		Eleventh Supplemental Indenture dated as of October 2, 2017 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current Report on Form 8-K filed with the SEC October 2, 2017).
4.20		Form of 4.000% Senior Note due 2047 (included in Exhibit 4.19 hereto).
4.21		Twelfth Supplemental Indenture dated as of April 10, 2019 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., The Bank of New York Mellon, as trustee, and The Bank of New York Mellon, London Branch, as paying agent (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 11, 2019).

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4.22		Form of 1.500% Senior Notes due 2029 (included in Exhibit 4.21 hereto).
4.23		Thirteenth Supplemental Indenture dated as of September 10, 2019 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 10, 2019).
4.24		Form of 2.500% Senior Note due 2030 (included in Exhibit 4.23 hereto).
4.25		Fourteenth Supplemental Indenture dated as of September 10, 2019 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 10, 2019).
4.26		Form of 3.500% Senior Note due 2049 (included in Exhibit 4.25 hereto).
4.27		Fifteenth Supplemental Indenture dated as of September 29, 2020 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 29, 2020).
4.28		Form of 1.600% Senior Note due 2031 (included in Exhibit 4.27 hereto).
4.29		Sixteenth Supplemental Indenture dated as of September 29, 2020 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 29, 2020).
4.30		Form of 2.800% Senior Note due 2050 (included in Exhibit 4.29 hereto).
10.1		Third Amended and Restated Limited Partnership Agreement of Blackstone Holdings I L.P., dated as of August 10, 2020, by and among Blackstone Holdings I/II GP L.L.C. and the limited partners of Blackstone Holdings I L.P. party thereto (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.2		Third Amended and Restated Limited Partnership Agreement of Blackstone Holdings II L.P., dated as of August 10, 2020, by and among Blackstone Holdings I/II GP L.L.C. and the limited partners of Blackstone Holdings II L.P. party thereto (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.3		Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings III L.P., dated as of August 10, 2020, by and among Blackstone Holdings III GP L.P. and the limited partners of Blackstone Holdings III L.P. party thereto (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).

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10.4		Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings IV L.P., dated as of August 10, 2020, by and among Blackstone Holdings IV GP L.P. and the limited partners of Blackstone Holdings IV L.P. party thereto (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.5		Third Amended and Restated Limited Partnership Agreement of Blackstone Holdings AI L.P., dated as of August 10, 2020, by and among Blackstone Holdings I/II GP L.L.C. and the limited partners of Blackstone Holdings AI L.P. party thereto (incorporated herein by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.6		Tax Receivable Agreement, dated as of June 18, 2007, by and among Blackstone Holdings I/II GP Inc., Blackstone Holdings I L.P., Blackstone Holdings II L.P. and the limited partners of Blackstone Holdings I L.P. and Blackstone Holdings II L.P. party thereto (incorporated herein by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.7		Amendment to Tax Receivable Agreement, dated as of July 1, 2019, by and among Blackstone Holdings I/II GP L.L.C., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings AI L.P. and the limited partners of Blackstone Holdings I L.P., Blackstone Holdings II L.P. and Blackstone Holdings AI L.P. party thereto (incorporated herein by reference to Exhibit 99.6 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 5, 2019).
10.8		Fourth Amended and Restated Exchange Agreement, dated as of July 1, 2019, by and among The Blackstone Group Inc., Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and the Blackstone Holdings Limited Partners party thereto (incorporated herein by reference to Exhibit 99.7 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 5, 2019).
10.9		Registration Rights Agreement, dated as of June 18, 2007 (incorporated herein by reference to Exhibit 10.8 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.10		Amendment to Registration Rights Agreement, dated as of July 1, 2019 (incorporated herein by reference to Exhibit 99.8 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 5, 2019).
10.11+		The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan (incorporated herein by reference to Exhibit 4.4 of The Blackstone Group Inc. Post-Effective Amendment No. 1 to Form S-8 filed on July 1, 2019).
10.12+		The Blackstone Group Inc. Eighth Amended and Restated Bonus Deferral Plan (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.13+		Amended and Restated Founding Member Agreement of Stephen A. Schwarzman, dated as of March 1, 2018, by and among Blackstone Holdings I L.P. and Stephen A. Schwarzman (incorporated herein by reference to Exhibit 10.11 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 1, 2018).
10.14+		Letter Agreement, dated as of July 1, 2019, amending Amended and Restated Founding Member Agreement of Stephen A. Schwarzman, dated as of March 1, 2018, by and among Blackstone Holdings I L.P. and Stephen A. Schwarzman (incorporated herein by reference to Exhibit 99.9 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 5, 2019).

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10.15+		Form of Senior Managing Director Agreement by and among Blackstone Holdings I L.P. and each of the Senior Managing Directors from time to time party thereto (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Registration Statement on Form S-1/A filed with the SEC on June 14, 2007). (Applicable to all executive officers other than Mr. Schwarzman.)
10.16+		Form of Deferred Restricted Common Unit Award Agreement (Directors) (incorporated herein by reference to Exhibit 10.36 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed with the SEC on August 8, 2008).
10.17+		Form of Deferred Restricted Blackstone Holdings Unit Award Agreement for Executive Officers (incorporated herein by reference to Exhibit 10.37 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 filed with the SEC on November 7, 2008).
10.18+		Second Amended and Restated Limited Liability Company Agreement of BMA V L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of BMA V L.L.C. (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.19+		Second Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Management Associates International L.P., dated as of May 31, 2007, by and among BREA International (Cayman) Ltd. and certain limited partners (incorporated herein by reference to Exhibit 10.13 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.19.1+		Amendment No. 1 dated as of January 1, 2008 to the Second Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Management Associates International L.P., dated as of May 31, 2007, by and among BREA International (Cayman) Ltd. and certain limited partners (incorporated herein by reference to Exhibit 10.19.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 filed with the SEC on May 15, 2008).
10.20+		Second Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Management Associates International II L.P., dated as of May 31, 2007, by and among BREA International (Cayman) II Ltd. and certain limited partners (incorporated herein by reference to Exhibit 10.14 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.21+		Amendment No. 1 dated as of January 1, 2008 to the Second Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Management Associates International II L.P., dated as of May 31, 2007, by and among BREA International (Cayman) II Ltd. and certain limited partners (incorporated herein by reference to Exhibit 10.20.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 filed with the SEC on May 15, 2008).
10.22+		Second Amended and Restated Limited Liability Company Agreement of Blackstone Management Associates IV L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of Blackstone Management Associates IV L.L.C. (incorporated herein by reference to Exhibit 10.15 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.23+		Second Amended and Restated Limited Liability Company Agreement of Blackstone Mezzanine Management Associates L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of Blackstone Mezzanine Management Associates L.L.C. (incorporated herein by reference to Exhibit 10.16 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).

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10.24+		Second Amended and Restated Limited Liability Company Agreement of Blackstone Mezzanine Management Associates II L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of Blackstone Mezzanine Management Associates II L.L.C. (incorporated herein by reference to Exhibit 10.17 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.25+		Second Amended and Restated Limited Liability Company Agreement of BREA IV L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of BREA IV L.L.C. (incorporated herein by reference to Exhibit 10.18 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.26+		Second Amended and Restated Limited Liability Company Agreement of BREA V L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of BREA V L.L.C. (incorporated herein by reference to Exhibit 10.19 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.27+		Second Amended and Restated Limited Liability Company Agreement of BREA VI L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of BREA VI L.L.C. (incorporated herein by reference to Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.27.1+		Amendment No. 1 dated as of January 1, 2008 to the Second Amended and Restated Limited Liability Company Agreement of BREA VI L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of BREA VI L.L.C. (incorporated herein by reference to Exhibit 10.26.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 filed with the SEC on May 15, 2008).
10.28		Second Amended and Restated Limited Liability Company Agreement of Blackstone Communications Management Associates I L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of Blackstone Communications Management Associates I L.L.C. (incorporated herein by reference to Exhibit 10.21 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.29+		Amended and Restated Limited Liability Company Agreement of BCLA L.L.C., dated as of April 15, 2008, by and among Blackstone Holdings III L.P. and certain members of BCLA L.L.C. (incorporated herein by reference to Exhibit 10.28 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 filed with the SEC on May 15, 2008).
10.30+		Third Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Management Associates Europe III L.P., dated as of June 30, 2008 (incorporated herein by reference to Exhibit 10.28 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed with the SEC on August 8, 2008).
10.31+		Second Amended and Restated Limited Liability Company Agreement of Blackstone Real Estate Special Situations Associates L.L.C., dated as of June 30, 2008 (incorporated herein by reference to Exhibit 10.29 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed with the SEC on August 8, 2008).
10.32+		BMA VI L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of July 31, 2008 (incorporated herein by reference to Exhibit 10.30 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 filed with the SEC on November 7, 2008).
10.33+		Fourth Amended and Restated Limited Liability Company Agreement of GSO Associates LLC, dated as of March 3, 2008 (incorporated herein by reference to Exhibit 10.33 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 2, 2009).

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10.34+		Amended and Restated Limited Liability Company Agreement of GSO Overseas Associates LLC, dated as of March 3, 2008 (incorporated herein by reference to Exhibit 10.34 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 2, 2009).
10.35+		Third Amended and Restated Limited Liability Company Agreement of GSO Capital Opportunities Associates LLC, dated as of March 3, 2008 (incorporated herein by reference to Exhibit 10.36 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 2, 2009).
10.36+		Third Amended and Restated Limited Liability Company Agreement of GSO Capital Opportunities Overseas Associates LLC, dated as of March 3, 2008 (incorporated herein by reference to Exhibit 10.37 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 2, 2009).
10.37+		Amended and Restated Limited Liability Company Agreement of GSO Liquidity Overseas Associates LLC, dated as of March 3, 2008 (incorporated herein by reference to Exhibit 10.39 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 2, 2009).
10.38+		Blackstone / GSO Capital Solutions Associates LLC Second Amended and Restated Limited Liability Company Agreement, dated as of May 22, 2009 (incorporated herein by reference to Exhibit 10.40 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed with the SEC on August 7, 2009).
10.39+		Blackstone / GSO Capital Solutions Overseas Associates LLC Second Amended and Restated Limited Liability Company Agreement, dated as of July 10, 2009 (incorporated herein by reference to Exhibit 10.41 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed with the SEC on August 7, 2009).
10.40+		Blackstone Real Estate Special Situations Associates II L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of June 30, 2009 (incorporated herein by reference to Exhibit 10.42 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed with the SEC on August 7, 2009).
10.41+		Blackstone Real Estate Special Situations Management Associates Europe L.P. Amended and Restated Agreement of Limited Partnership, dated as of June 30, 2009 (incorporated herein by reference to Exhibit 10.43 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed with the SEC on August 7, 2009).
10.42+		BRECA L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of May 1, 2009 (incorporated herein by reference to Exhibit 10.44 to the Registrant’s Quarterly Report on 10-Q for the quarter ended June 30, 2009 filed with the SEC on August 7, 2009).
10.43+		GSO Targeted Opportunity Associates LLC Amended and Restated Limited Liability Company Agreement, dated as of December 9, 2009 (incorporated herein by reference to Exhibit 10.48 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 filed with the SEC on May 10, 2010).
10.44+		GSO Targeted Opportunity Overseas Associates LLC Amended and Restated Limited Liability Company Agreement, dated as of December 9, 2009 (incorporated herein by reference to Exhibit 10.49 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 filed with the SEC on May 10, 2010).

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10.45+		BCVA L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of July 8, 2010 (incorporated herein by reference to Exhibit 10.50 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 filed with the SEC on August 6, 2010).
10.46+		Amended and Restated Agreement of Exempted Limited Partnership of MB Asia REA L.P., dated November 23, 2010 (incorporated herein by reference to Exhibit 10.51 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC on February 25, 2011).
10.47+		Amended and Restated Limited Liability Company Agreement of GSO SJ Partners Associates LLC, dated December 7, 2010, by and among GSO Holdings I L.L.C. and certain members of GSO SJ Partners Associates LLC thereto (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed with the SEC on May 6, 2011).
10.48+		Amended and Restated Exempted Limited Partnership Agreement of GSO Capital Opportunities Associates II LP, dated as of December 31, 2015 (incorporated herein by reference to Exhibit 10.53 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.49+		Blackstone EMA L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of August 1, 2011 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed with the SEC on November 9, 2011).
10.50+		Blackstone Real Estate Associates VII L.P. Second Amended and Restated Agreement of Limited Partnership, dated as of September 1, 2011 (incorporated herein by reference to Exhibit 10.53.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC on February 28, 2012).
10.51+		GSO Energy Partners-A Associates LLC Second Amended and Restated Limited Liability Company Agreement, dated as of February 28, 2012 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 filed with the SEC on May 7, 2012).
10.52+		BTOA L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of February 15, 2012 (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 filed with the SEC on May 7, 2012).
10.53+		Form of Deferred Holdings Unit Agreement for Senior Managing Directors (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 filed with the SEC on August 7, 2012).
10.54+		Amended and Restated Limited Liability Company Agreement of Blackstone Commercial Real Estate Debt Associates L.L.C., dated as of November 12, 2010 (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 filed with the SEC on August 7, 2012).
10.55+		Limited Liability Company Agreement of Blackstone Innovations L.L.C., dated November 2, 2012 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the SEC on November 2, 2012).
10.56+		Amended and Restated Agreement of Exempted Limited Partnership of Blackstone Innovations (Cayman) III L.P., dated November 2, 2012 (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the SEC on November 2, 2012).

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10.57+		GSO Foreland Resources Co-Invest Associates LLC Amended and Restated Limited Liability Company Agreement, dated as of August 10, 2012 (incorporated herein by reference to Exhibit 10.60 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 1, 2013).
10.58+		GSO Palmetto Opportunistic Associates LLC Amended and Restated Limited Liability Company Agreement, dated as of July 31, 2012 (incorporated herein by reference to Exhibit 10.61 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 1, 2013).
10.59+		Second Amended and Restated Agreement of Exempted Limited Partnership of Blackstone Real Estate Associates Asia L.P., dated February 26, 2014 (incorporated herein by reference to Exhibit 10.63 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on February 28, 2014).
10.60+		Amended and Restated Agreement of Exempted Limited Partnership of Blackstone Real Estate Associates Europe IV L.P., dated February 26, 2014 (incorporated herein by reference to Exhibit 10.64 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on February 28, 2014).
10.61		Aircraft Dry Lease Agreement between 113CS LLC and Blackstone Administrative Services Partnership L.P., dated as of January 15, 2015 (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed with the SEC on May 8, 2015).
10.62+		Form of Special Equity Award – Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed with the SEC on August 6, 2015).
10.63+		Amended and Restated Agreement of Limited Partnership of BREP Edens Associates L.P., dated as of December 18, 2013 (incorporated herein by reference to Exhibit 10.76 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.64+		Amended and Restated Agreement of Exempt Limited Partnership of Blackstone AG Associates L.P., dated as of February 16, 2016 and deemed effective as of May 30, 2014 (incorporated herein by reference to Exhibit 10.77 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.65+		Amended and Restated Agreement of Limited Partnership of BREP OMP Associates L.P., dated as of June 27, 2014 (incorporated herein by reference to Exhibit 10.78 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.66+		Amended and Restated Agreement of Exempted Limited Partnership of Blackstone OBS Associates L.P., dated as of February 16, 2016 and deemed effective July 25, 2014 (incorporated herein by reference to Exhibit 10.79 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.67+		Amended and Restated Limited Liability Company Agreement of Blackstone EMA II L.L.C., dated as of October 21, 2014 (incorporated herein by reference to Exhibit 10.80 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.68+		Second Amended and Restated Agreement of Limited Partnership of Blackstone Liberty Place Associates L.P., dated as of February 9, 2015 (incorporated herein by reference to Exhibit 10.81 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).

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10.69+		Second Amended and Restated Agreement of Exempted Limited Partnership of BPP Core Asia Associates L.P., dated February 16, 2016 and deemed effective March 18, 2015 (incorporated herein by reference to Exhibit 10.82 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.70+		Second Amended and Restated Agreement of Exempted Limited Partnership of BPP Core Asia Associates-NQ L.P., dated as of February 16, 2016 and deemed effective March 18, 2015 (incorporated herein by reference to Exhibit 10.83 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.71+		Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Associates VIII L.P., dated as of March 27, 2015 (incorporated herein by reference to Exhibit 10.84 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.72+		Amended and Restated Limited Liability Company Agreement of BMA VII L.L.C., dated as of May 13, 2015 (incorporated herein by reference to Exhibit 10.85 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.73+		Amended and Restated Agreement of Exempt Limited Partnership of Blackstone Property Associates International L.P., dated as of February 16, 2016 and deemed effective as of July 15, 2015 (incorporated herein by reference to Exhibit 10.86 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.74+		Amended and Restated Agreement of Exempt Limited Partnership of Blackstone Property Associates International-NQ L.P., dated as of February 16, 2016 and deemed effective July 28, 2015 (incorporated herein by reference to Exhibit 10.87 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.75+		BTOA II L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of December 19, 2014 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 filed with the SEC on August 4, 2016).
10.76+		Special Equity Award—Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive Plan (Chief Financial Officer) (Chief Financial Officer) (incorporated herein by reference to Exhibit 10.82 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 24, 2017).
10.77+		Form of Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive Plan (2013 and 2014 awards) (incorporated herein by reference to Exhibit 10.83 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 24, 2017).
10.78+		Amended and Restated Agreement of Exempted Limited Partnership of Blackstone Real Estate Associates Europe V L.P., dated May 8, 2017 and deemed effective March 1, 2016 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 filed with the SEC on May 9, 2017).
10.79+		Amended and Restated Limited Liability Company Agreement of Blackstone CEMA L.L.C., dated February 9, 2016 (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 filed with the SEC on August 8, 2017).

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10.80+		Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Debt Strategies Associates II L.P., dated February 15, 2018 and deemed effective as of April 17, 2013 (incorporated herein by reference to Exhibit 10.86 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 1, 2018).
10.81+		Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Debt Strategies Associates III L.P., dated February 15, 2018 and deemed effective as of July 25, 2016 (incorporated herein by reference to Exhibit 10.87 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 1, 2018).
10.82		Form of Aircraft Dry Lease Agreement between GH4 Partners LLC and Blackstone Administrative Services Partnership L.P. (incorporated herein by reference to Exhibit 10.82 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.83		Form of Aircraft Dry Lease Agreement (N345XB) between Hilltop Asset Holdings LLC and Blackstone Administrative Services Partnership L.P. (incorporated herein by reference to Exhibit 10.83 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.84		Form of Aircraft Dry Lease Agreement (N776BT) between Hilltop Asset Holdings LLC and Blackstone Administrative Services Partnership L.P. (incorporated herein by reference to Exhibit 10.84 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.85		Amended and Restated Credit Agreement dated as of March 23, 2010, as amended and restated as of May 29, 2014, as further amended and restated as of August 31, 2016, as further amended and restated as of September 21, 2018, and as further amended and restated as of November 24, 2020, among Blackstone Holdings Finance Co. L.L.C., as borrower, Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., as guarantors, Citibank, N.A., as administrative agent and the lenders party thereto (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on November 25, 2020).
10.86+		Amended and Restated Limited Partnership Agreement of BTOA III L.P., dated as of February 27, 2019 and deemed effective as of May 24, 2018 (incorporated herein by reference to Exhibit 10.92 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 1, 2019).
10.87+		Amended and Restated Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive plan between The Blackstone Group L.P. and the Participant named therein (incorporated herein by reference to Exhibit 10.93 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 1, 2019).
10.88+		Form of Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.94 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 1, 2019).
10.89+		Amended and Restated Limited Partnership Agreement of Blackstone Management Associates Asia L.P., dated as of August 6, 2019, and deemed effective as of November 9, 2017 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.90+		Second Amended and Restated Limited Partnership Agreement of BREIT Special Limited Partner L.P., dated as of February 12, 2020 and deemed effective as of January 1, 2018 (incorporated herein by reference to Exhibit 10.90 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).

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10.91+		Amended and Restated Exempted Limited Partnership Agreement of Blackstone Real Estate Associates Asia II L.P., dated August 6, 2019 and deemed effective September 21, 2017 (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.92+		Amended and Restated Limited Partnership Agreement of Blackstone Total Alternatives Solution Associates L.P., dated as of August 6, 2019 and deemed effective as of August 24, 2014 (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.93+		Amended and Restated Limited Partnership Agreement of Blackstone Total Alternatives Solution Associates 2015 I L.P., dated as of August 6, 2019 and deemed effective as of February 24, 2015 (incorporated herein by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.94+		Amended and Restated Limited Partnership Agreement of Blackstone Total Alternatives Solution Associates 2016 L.P., dated as of August 6, 2019 and deemed effective as of December 9, 2016 (incorporated herein by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.95+		Amended and Restated Limited Partnership Agreement of Blackstone Total Alternatives Solution Associates IV L.P., dated as of August 6, 2019 and deemed effective as of December 22, 2017 (incorporated herein by reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.96+		Amended and Restated Limited Partnership Agreement of Blackstone Total Alternatives Solution Associates V L.P., dated as of August 6, 2019 and deemed effective as of October 31, 2018 (incorporated herein by reference to Exhibit 10.8 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.97+		Third Amended and Restated Limited Liability Company Agreement of BTOSIA L.L.C., dated as of August 6, 2019 and deemed effective as of May 12, 2016 (incorporated herein by reference to Exhibit 10.9 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.98+		Amended and Restated Exempted Limited Partnership Agreement of Blackstone UK Mortgage Opportunities Management Associates (Cayman) L.P., dated August 6, 2019 and deemed effective December 4, 2015 (incorporated herein by reference to Exhibit 10.10 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.99+		Amended and Restated Limited Partnership Agreement of Blackstone EMA III GP L.P., dated as of November 6, 2019 and deemed effective as of August 17, 2018 (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 filed with the SEC on November 8, 2019).
10.100+		Amended and Restated Limited Partnership Agreement of BMA VIII GP L.P., dated as of November 6, 2019 and deemed effective as of March 29, 2019 (incorporated herein by reference to Exhibit 10.13 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 filed with the SEC on November 8, 2019).
10.101+		Form of Deferred Holdings Unit Agreement under The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan (2019) (incorporated herein by reference to Exhibit 10.101 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).

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10.102+		Form of Deferred Holdings Unit Agreement under The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan (Termination Vesting 2019) (incorporated herein by reference to Exhibit 10.102 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.103+		Form of Deferred Unit Agreement under The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan (2020) (incorporated herein by reference to Exhibit 10.103 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.104+		Form of Deferred Unit Agreement under The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan (Termination Vesting 2020) (incorporated herein by reference to Exhibit 10.104 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.105+		Amended and Restated Limited Partnership Agreement of BREA Europe VI (Cayman) L.P., dated as of February 26, 2020 and deemed effective as of May 8, 2019 (incorporated herein by reference to Exhibit 10.105 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.106+		Amended and Restated Limited Partnership Agreement of BREA IX (Delaware) L.P., dated as of February 26, 2020 and deemed effective as of December 21, 2018 (incorporated herein by reference to Exhibit 10.106 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.107+		Amended and Restated Agreement of Limited Partnership, of Strategic Partners Fund Solutions Associates – NC Real Asset Opportunities, L.P., dated as of September 30, 2014 (incorporated herein by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.108+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Real Estate VI L.P., dated as of April 8, 2015 (incorporated herein by reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.109+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Real Estate VII L.P., dated November 4, 2020, and effective as of December 13, 2018 (incorporated herein by reference to Exhibit 10.8 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.110+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Infrastructure III L.P., dated November 4, 2020, and effective as of December 24, 2019 (incorporated herein by reference to Exhibit 10.9 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.111+		Amended and Restated Agreement of Limited Partnership of Strategic Partners Fund Solutions Associates RA II L.P., dated November 4, 2020, and effective as of April 3, 2017 (incorporated herein by reference to Exhibit 10.10 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.112+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates VI L.P., dated as of December 19, 2013 (incorporated herein by reference to Exhibit 10.11 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).

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10.113+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates VII L.P., dated as of February 12, 2016 (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.114+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates VIII L.P., dated November 4, 2020, and effective as of December 21, 2018 (incorporated herein by reference to Exhibit 10.13 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.115+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates DE L.P., dated November 4, 2020, and effective as of February 26, 2018 (incorporated herein by reference to Exhibit 10.14 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.116+		Amended and Restated Limited Partnership Agreement of Blackstone CEMA II GP L.P., dated as of November 4, 2020 (incorporated herein by reference to Exhibit 10.15 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.117+		Amended and Restated Limited Partnership Agreement of BREDS IV L.P., dated as of November 4, 2020, and effective as of April 3, 2020 (incorporated herein by reference to Exhibit 10.16 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.118+		Amended and Restated Limited Partnership Agreement of BXLS V GP L.P., dated as of November 4, 2020, and effective as of December 31, 2019 (incorporated herein by reference to Exhibit 10.17 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
21.1*		Subsidiaries of the Registrant.
23.1*		Consent of Deloitte & Touche LLP.
31.1*		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).
31.2*		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).
32.1*		Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
32.2*		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101.INS*		XBRL Instance Document.
101.SCH*		XBRL Taxonomy Extension Schema Document.
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document.

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101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document.

*	Filed herewith.

+	Management contract or compensatory plan or arrangement in which directors or executive officers are eligible to participate.

Item 16.

Form 10-K Summary

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/s/ Stephen A. Schwarzman Stephen A. Schwarzman, Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer)		/s/ Reginald J. Brown Reginald J. Brown, Director
/s/ Jonathan D. Gray Jonathan D. Gray, President, Chief Operating Officer and Director		/s/ Sir John Antony Hood Sir John Antony Hood, Director
/s/ Hamilton E. James Hamilton E. James, Executive Vice Chairman and Director		/s/ Rochelle B. Lazarus Rochelle B. Lazarus, Director
/s/ Michael S. Chae Michael S. Chae, Chief Financial Officer (Principal Financial Officer)		/s/ Jay O. Light Jay O. Light, Director
/s/ Christopher Striano Christopher Striano, Principal Accounting Officer (Principal Accounting Officer)		/s/ Brian Mulroney Brian Mulroney, Director
/s/ Joseph P. Baratta Joseph P. Baratta, Director		/s/ William G. Parrett William G. Parrett, Director
/s/ Kelly A. Ayotte Kelly A. Ayotte, Director		/s/ Ruth Porat Ruth Porat, Director
/s/ James W. Breyer James W. Breyer, Director